QScrollArea contents not clipped properly when resized in a QGraphicsView using DeviceCoordinateCache

When resizing the graphics proxy widget containing the scroll area, the scroll area's contents are rendered outside of the rect of the scroll area.
It has been reproduced on WinXP, but cannot be reproduced on linux (both tested against Qt 4.7.0 beta2).

I've attached a screenshot that shows it, as well as a code sample that demonstrates the behavior.