Richard, you are quite right.
The issue is that the templating system is completely rewritten, and I needed a way to add the edit pencil in the output. In the older version, the pencil was part of the item template of the datalist that was used, and was hidden if the user did not have edit rights for the module. In this new version, there is no datalist, and a new [EDIT] token was created to insert the pencil in the output. The default template is pulled from the language resource file, while the template used in the module is saved to the module settings (this is done when the module settings are saved for the first time). New instances of the module (even if you upgraded the module), will use the correct new template (unless you are using the module in a different language, and the language pack of the module has not been properly updated for that language)
In hindsight, i guess i could have enhanced the current check for the [EDIT] token to actually insert the missing token in the template. That is tricky however, as most templates would still be table structures. The missing template could be inserted right in front of the [TITLE] token, however, if that token is missing it would not work. Anyhow, i will try to add this to the next version, as an enhancement of the current edit token check. I still don't think it is a bug, only an unwanted side effect of a new feature.