Don't really like hard coding this into Grails, but I see no other way. Fixed:
Previous link is the 1.3 fix, 1.2.2 fix is at http://github.com/grails/grails-core/tree/e61e5689b18712985ad3e04da16f5d89a13b43cd
I just ran a test with
net.sf.ehcache.util.UpdateChecker New update(s) found: 2.4.7 http://www.terracotta.org/confluence/display/release/Release+Notes+Ehcache+Core+2.4. Please check http://ehcache.org for the latest version.
looks like there was a regression.
Ingo - this is actually a separate problem. See GRAILS-8897