Items are not centered correctly within frames. Especially obvious when items are rotated. The item textures themselves were correctly centered.
In the image, look at the points of the sword to see the offset.
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Confirmed for 1.7.4.
Blocks aren't as badly effected by this bug: they don't move around when rotated, while items do.
This was fixed in 14w04a, when they updated frames with the new rotation and comparator interactions. That sentence is completely unintelligible outside its context, but amusingly so, so I am leaving it.
Able to reproduce. However blocks are also affected, updated description to reflect this.
It appears that the frame interior border is one pixel too small on the -Y axis.