I've don't have a fix, but I do see a similar issue with SimpleProfiles escaping the bracket delimiters.
I have a ticket open with support on my issue, and I'm betting that once that is fixed, your issue will also go away. There have been quite a few posts here lately about this escaping problem, most notably in the admin applets, and I think Srinath pointed out a patch is available for .7 and .8.
However, the patch doesn't resolve the issue with SimpleProfiles, and I'm guessing here that your PCM escaping issue is also tied to the same issue as mine, since there is a lot of deep interaction between the SimpleProfiles and PCM base code.
It works, but I'd be hesitant to call it the fix. It could have implications elsewhere in the system to apply such a change in the general configuration.
This functionality used to be available without the setting, so it's fairly apparent something else in code changed.
I can use this for now as a workaround, but I think either confirmation from development or a patch is still in order in my case.