Did you try to compare information generated from "McAfee Endpoint Encryption Client Status" -> "Modules" ; on both machines?
Also, do SbClientLog.txt files differ in reporting which version was installed?
I believe that MA is reporting the originally installed disk encryption client version as the currently installed client version. In my environment MA reports the current client version of a computer that was upgraded to version 5.2 from version 5.1.6 as 5.1.6.
We are receiving the same behavior as rmjensen. The MA agent does appear to report the original version installed. The modules and sbclientlog version confirm client confirm client is at a higher version. . You can find the key in the registry under hklm\software\network assoicates\epolicy orchestrator\application plugins that MA uses to display version. I was just curious if anyone knew what the MA polled to populate that key......