gdb program output problem

Hi,

I just updated mingw, msys and emacsw32. It does appear that the latest gdb also got updated in the process.

GNU Emacs 23.1.50.1 (i386-mingw-nt6.1.7601)
of 2009-11-03 on LENNART-69DE564 (patched)
Copyright (C) 2009 Free Software Foundation, Inc.

GNU gdb (GDB) 7.4
Copyright (C) 2012 Free Software Foundation, Inc.

Running win7, 64b.
When I use gdb, to debug a C++ program with simple printf, I get a seemingly random, but often huge, number of spaces before or after the text of the printf.
Has anyone else seen this? It makes using gdb very difficult to use.
If I run the program from the msys shell, no spaces.
Oddly enough, I have used mingw, msys and emacscw32 in the past without this happening. I think it was at least a 1.5 years ago when last used, so when I ran into the problem, I went and re-installed the whole set. But no difference.
I did add the patch to gdb-mi.el for the breakpoint filter problem. However, that did not affect the printf problem (not that it likely would, since the output problem occurs with no breakpoints - just a straight program run).

(btw, I'm not on the list, so please cc me on any greatly appreciated help!!)

Jeremy