I'm not seeing any change in behavior in 7.04. Perhaps you are mistaken?
Unfortunately, some servers/networks do not handle multiple user modes very well. For example, if you join a channel after another user already has both +o and +v modes, some IRCd software will report to your client only the +o mode and ignore the +v mode entirely. It would not be mIRC's fault -- this is just a inconsistency in some IRC protocol implementations.
Does this seem like what might be happening to you?
