How to Label Graph Edges with their weights

Question

Warning! I posted the question when Mathematica v 8.0 was the coolest kid. The bug has been solved as of version 9.0.1

The help for EdgeLabels states:

Answer 1

EdgeLabels works fine. EdgeWeights does not.

It may already be obvious from Belisarius' second example that the problem lies with EdgeWeights not EdgeLabels

Here's some additional evidence. EdgeLabels very gladly displays a variety of labels correctly. But when you ask mma to display "EdgeWeights", it incorrectly displays 1's, no matter what you've stored there.

CompleteGraph[4, VertexShapeFunction -> "Name",
 EdgeLabels -> {
   UndirectedEdge[1, 2] -> "hello", 
   UndirectedEdge[1, 4] -> "goodbye", UndirectedEdge[2, 3] -> 55, 
   UndirectedEdge[3, 4] -> \[Pi]/2, 
   UndirectedEdge[4, 2] -> 
   "\!\(\*UnderoverscriptBox[\(\[Sum]\), \(i = 0\), \(26\)]\)(-1\!\(\
   \*SuperscriptBox[\()\), \(i\)]\)\!\(\*SuperscriptBox[\(\[Theta]\), \
   \(n - i\)]\)", UndirectedEdge[1, 3] -> {a, b, c}}]

The bug is not unique to CompleteGraph. Graph and GridGraph have the same problem.