yes, it is. although I would call it an enhancement request, rather than a bug... there is no warranty that sram saves should work across different emulators (notice that we save the proper sram data, but we do not trim it yet to the real size differently from some other emu)
EDIT: to elaborate a bit: the changes done to snes SRAM so far should have had impact only on a very small set of games (i.e. most of the SRAM should have remained compatible from 0.140 to the current svn, and only a few games might end up not loading properly their data)
on the other hand, fixing bug 1742 would break most of the current SNES sram files. hence, I would prefer to do it only once I am sure that we handle properly all games (to avoid introducing more and more incompatibilities at each attempt to fix).
