Items like tools and armor, golden apples, and enchanted books don't have the glow enchant effect while in Fast Graphics Mode
What I expected to happen was...:
The Item would Glow when dropped, like it does on Fancy Graphics.
What Actually Happened was...:
The Items acts like it never had an enchant.
Steps to Reproduce:
1. Create a world (Creative recommended for testing)
2. Switch to fast graphics and drop items listed above.
3. Compare to Fancy Graphics
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I know this was a fixed bug in 1.4, but is still around, proven by pictures and versions
Intended. It now only appears on Fancy graphics.
Can someone Please Mark this as 'Works as Intended'?
Fixed in 14w25b

Yes, fixed, but maybe due to a generic item-on-ground-rendering bug MC-59479.