I've noticed this in 1.1 but never reported it. I noticed it in 1.2 Beta 1; it was more apparent because I got the chime when I hit XP level 15.
My XP bar showed I was level 14 and most of the way to level 15. I got some XP from killing mobs. I got the chime saying I hit an XP level which is a multiple of 5. My XP bar still showed 14.
When I hit Escape and then Resume it showed the correct level.
I was recording at the time, you can see here: https://youtu.be/5csGJNtgUa4?t=18m13s
You can see the same thing at 14:36 in the video when I am at 13 and picking up XP. It does update to 14 at a weird time at 15:15 when I think I am not picking up any XP.
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Yeah, it also happens to me.
But also can show correct level when you change about selected item from hotbar.
However, this bug has occurred since 1.0 just in realms and servers, now with normal worlds in 1.1 with sync pack with server enabled.
Hope they fix this bug soon.