[URL] wrapped URLs are shortened incorrectly

I recently migrated from 3.1 to 3.2, and noticed that all "hot" URLs, whether automatically detected or in URL tags, are being shortened.

This is an essential change in behavior, and the feature is relied upon heavily that urls wrapped in [url] tags do not get truncated on my board. This was existing behavior on at least 3.0 and 3.1.

[url]hxxp://www.somelongurl.com/file.ext[/url] should display the full long URL, but instead it shortens it as if the tags weren't used at all.