Bug on FTP upload, path containing variables not evaluated

I want to have several "deployments" of the same project updating on my server, and I thought I could achieve this using the %company% and %product% variables in the paths for updates and uploads. e.g. Company = MediaPlayer, Product = MPSaaS, set in General Information tab. My program is called MediaPlayer, and am example "deployment" is MPSaaS.

The Download Site works: http:/vSQLExp/wyUpdate/%company%/%product%/%file%evaluates to this when wyUpdate.exe executes:http:/vSQLExp/wyUpdate/MediaPlayer/MPSaas/

I've configured an FTP server to point to the same base directory on the HTTP server (i.e. wyUpdate), and I thought I could enter a similar path to that on the Upload the Updates tab:ftp://user:pwd@vSQLExp/wyUpdate/%company%/%product%/

The UI shows the path for the FTP site being evaluated as i would expect:ftp://user:pwd@vSQLExp/wyUpdate/MediaPlayer/MPSaas/

but when i perform the upload, i get an error saying:failed to connect to the site 'vSQLExp/wyUpdate/%company%/%product%/' with the username 'user': /wyUpdate/%company%/%product%/: The system cannot find the path specified. (Code=550)

My FTP site, user authentication, and ability to upload are working as expected. If I manually enter the path (ftp://user:pwd@vSQLExp/wyUpdate/MediaPlayer/MPSaas/) for the FTP site then the files uploaded fine!

Some screen shots: http://img683.imageshack.us/img683/6456/83643617.png(note: some text in the screen shots are different to my write-up here!)