Anthony:
It is not whinging to expect the messaging server to understand leap years. It is grossly offensive that it shipped with this bug; this has cost many organizations time and money and many people personal time that they cannot get back.
Seeing as the concept of the leap year goes back to Julius Caesar's time (the Julian Calendar), it is not at all unreasonable to expect that an application that deals with calendaring and scheduling released better than 2000 years after the introduction of a predictable intercalary day should not be put into an apparent error state by it.
Also, powershell is not all that innovative - it owes a tremendous amount to *nix shells (though the whole object oriented bit is cool and new-ish) from decades ago.
Please go back under your bridge.
Exchange Team: thank you for releasing this information in a timely fashion, we look forward to the fix being released.