Thought I was going crazy after I installed 9.0e today and went to render my AVCHD (Sony camera) files to Sony AVCHD and it started actually rendering them. Checked my settings over and over (enable no-recompress was checked), but didn't see anything out of place.
Uninstalled 9.0e, reinstalled 9.0c and it went back to smart rendering the footage.
20 sec vs 5 minutes on a 90 sec clip.
So unless I missed some other setting, this functionality has changed. I haven't tried uninstalling 9.0c and reinstalling 9.0e from scratch, but I may try that to be sure.