Cheryl, to answer your question, this is happening in real emails, not test emails. And it has been on various email clients. Our office uses Lotus notes, but it has been wrong in Apple Mail and Gmail as well. Here is a screen shot.
Incidentally, I have noticed that our webinar tokens are not showing properly in Sales insights in SFDC. They work for the Interesting Moment, but not for the email name. See two screen shots below.