Also, this applies to equipped armor when you view your inventory. If you take damage, only the front face of the armor will turn red, but all faces of your actual body will turn red. This only seems to apply to your character in the inventory screen, not in third-person or multiplayer, however.
I can confirm. In 1.4.7, the 'edges' of the sword will glisten with enchantment just like the 'face' of the sword.
In 13w05b, the 'edges' look unenchanted. They don't glisten.
This just might have something to do with the recent fix of [6951].