Updating to 7.4 broke backspace

I built Vim 7.4 yesterday, and I am unable to backspace in Insert mode or delete (d) in Command mode. I rolled back to 7.3 and everything works fine. Is this a known issue?

A little info:

OS: OSX 10.8.4
Shell: zsh
Terminal Emulator: iTerm 2
Vim plugins:
- pathogen
- powerlin

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