Dropped items on the ground in 1.7 are flat but turn their face always to the player.
In 14w26c the rendering is equal fancy graphics mode except items are not turning.
In 14w28b most items are turning in fast mode (blocks), but some items (apple, torch) are not turning and not moving their face to the player.
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Confirmed for 14w28b

Duplicate of MC-59226

Well, not a duplicate. MC-59226 is dropped items not spinning in fast mode like in fancy mode, but this ticket is a about items in fast not facing the player while the player moves around the item. In older snapshots the item was always visible from every direction , even from above.
If this one is not a duplicate, the other one WAI ^^
Confirmed