v4.2.2: Graphics.DrawTexture now ignoring material tiling & offsets?

I just updated Unity to the latest version, 4.2.2. Before that I believe I had 4.1.5 installed. It looks like 4.2.2 has changed the behavior of Graphics.DrawTexture. The code that worked in 4.1 is not working the same way in 4.2.2, it seems like DrawTexture is now completely ignoring the Material tiling & offset parameters. I have this code:

                 FontMaterial.mainTextureOffset = texCoords;
                 Vector2 screenPoint = Camera.main.WorldToScreenPoint(worldPos).XY() + pixelOffset;
                 Graphics.DrawTexture(new Rect(screenPoint.x + char_offset, Screen.height - screenPoint.y + char_offset_y, (float)fontPixelSize, (float)fontPixelSize), FontTexture, FontMaterial);
                 char_offset += 0.5f * fontPixelSize;

And it's not working anymore: it somehow resets tiling and offset, and even though I look at the Material in the Editor & debug the code, it shows correct tiling and offset but the preview window of the Material shows otherwise. It's like it ignores the Material's own settings.

The code is definitely not at fault, the exact same code was working just a moment ago in 4.1. Upgrading to 4.2.2 broke it.