Seems not. With Qt 4.3, I can still load the files and the duration correctly starts with 0:00. (However, compiling against Qt 4.3 does make the layout look a bit worse.)

Maybe if you have time, you could take a look at timekeepermodel.cpp, line 52. Try a few things until the duration format looks normal again. I can't do it myself, since I don't get the same bug.