Blog-posts with excerpts do not respect column macro

Replicated on EAC because it has good blog posts and data to illustrate the problem, and it's not a performance hit:
http://extranet.atlassian.com/display/~jlargman/blog+posts+excerpts+and+section

To replicate, set a section macro with two columns:

{section}
{column:width=70%}
{blog-posts:content=excerpts|max=25|space=~jlargman,SUPPORT}
{column}
{column:width=30%}
{popular-labels:style=heatmap|count=20|spaceKey=SUPPORT}
{column}
{section}

In the example, the popular-labels is unnecessary, it's just taking up space for demonstration.

The column is not respected, as if there were no section/column macro. If you switch off content=excerpts (to content=titles), it'll work as expected.