Not true. I've been clicking the arrows and rep has been given. If this is a bug, please don't fix it!
I doubt this. ;) Are you sure you're not just giving a +1/-1 vote??
Also, look at what happens when one person gives rep to the same post two or more times. It's a little screwy.
It works as intended. First time is a vote. Second time is a reversal. Third time is a new vote.