Using v0.88 I noticed that Adium has two different behaviors for rendering /me messages. When I send something like "/me picks his nose" it'll recognize it as a command and render it as an action (between *'s). However if the person I'm talking to decides to send a similarly encoded action, lets say "/me runs around like a chicken with his head cut off it will not appear to me as an action, just what that person actually typed in. #1801 seems related however I believe deals with what is actually being sent between clients rather than how it gets displayed.
*Testing was done between Adium v0.88 and Gaim v1.4.0 for Windows (however I really doubt the behavior has anything to do with the clients I was using.