My SP5 is the RC (7652), the theme is my customized copy of default 1.05, but I have found the same problem on default 1.07. I haven’t changed any core system file.
I am not passing includeSubs argument in sp_ForumIndexLastPost so I assume the default (1) value is taken into account.
I will try passing includeSub=1 to see if there is any change and will let you know.