Just as a preliminary confidence check for you Davey, I can confirm that this is working correctly in 4.1.4. Here's one from yesterday :
22. Jun 2011 07:40:42 PDT
Transaction ID: xxxxxxxxxxxxxxxxxx
Hello xxxxxxxxxxx,
You received a payment of €xxxx EUR from xxxx xxxxxxxx (xxxxx.xxxxxxxxxx@yahoo.com)
You can now ship any items. To see all the transaction details, log in to your PayPal account.
It may take a few moments for this transaction to appear in your account.
Seller Protection - Not Eligible
--------------------------------------------------------------------------------
Buyer
xxxxxx xxxxxxxxx
xxxxx.xxxxxxxxxx@yahoo.com
Instructions to merchant
The buyer hasn't entered any instructions.
Full Member Subscription of xxxxxxx (1331)
Item# xxxxxxxxxxxxxxxxxxxxxxxxxxx xxxx EUR 1 xxxx EUR
Subtotal xxxx EUR
Total €xxxx EUR
Payment €xxxx EUR
Payment sent to
yyyy.yyyyyyy@yyyyyy.com