I have done a small test, I have put sleep(100) at the start of drawitem event handler, and there IS a difference in behavior.
In program compiled in 1.2.6, the handler is called BEFORE the listbox is visibly scrolled, so when new items are about to be shown, they are already rendered. But in program compiled in 1.4.0, the listbox is scrolled, the new items are rendered empty, and only then the handler is called. This redraw is causing it.
I have just tried clear installation in virtualbox, and it is the same, so my lazarus installation is not broken.
I will look into the sources, but right now, it seems to me like a bug.