Gavin Andresen - 2012-07-12 12:23:58

Yes.
As Pieter said, they don't count towards your wallet balance because you don't have ALL of the private keys in your wallet.

It is not clear which wallet those 1-of-2 coins belong to, since neither has exclusive control over them. So the code is conservative and doesn't add them to your balance unless you have ALL of the private keys.

The 0.7 release will have a set of RPC calls to create and sign transactions that spend from multisig inputs: see https://gist.github.com/2839617