If I attach the code below to three empties (called Empty1, Empty2 and Empty3), and set it to run on FrameChanged I get the following output on pressing left arrow to step through the frames.

Version 2.23 Expected result
Empty1
Empty2
Empty3
Empty1
Empty2
Empty3

Version 2.25 Bugged result
Empty1
Empty1
Empty1
Empty1
Empty1
Empty1

I'm not in a position at the moment to investigate this in the Blender source code myself, but I thought I would bring this to the attention of anyone who is.

Here is the code:

Code:

import Blender if (Blender.bylink) :     mObj = Blender.link     print mObj.name