Version: 2.70 official (win 64)
The subject says it all.
How to reproduce:
Open the provided file, select the bone in pose mode, and inspect its constraints.
Go to a frame after 1 and Press I > Visual [Loc/Rot/Scale] to insert a visual transform keyframe.
Disable the constraints and notice that for whatever channel was keyed, the visual transform was ignored.
As far as I can tell, inserting a Visual [Loc/Rot/Scale] keyframe does absolutely nothing different from regular [Loc/Rot/Scale]. Please unbreak!