I'm running 2011 SP3.0, but I also noticed this problem on SP2. I didn't have this problem on 2010 SP4. When I create a wire harness, I take care to make sure my radii of curvature aren't too tight and my spline comb is nice and smooth and it even looks fine in the preview.
But when I rebuild I get all of these bulgest like there were pinch points up and down the spline.
I plan on calling it in as a bug, but I wanted to see if anyone else had noticed this.