Shell extension works on some folders fails on others

Question

I was having the issue that the shell extension (and green triangle) were working on some folders but not working on others.

I tried seaching the forums and the various fixes that other people have used to resolve issues with the shell extensions, but none of them worked.  This issue is different from any of the other issues I could find in the forums.

Details:
TFS Source controls is setup like this:
$/Projects/Project1
$/Projects/Project2
$/Projects/Project3

Along with files and folders under each of these projects.

I have 2 workspaces:

Workspace A:  $/Projects is mapped to C:\ProjectsA\
$/Projects/Project1  - Cloaked (Project2 & Project3 are not cloaked)

Workspace B: $/Projects is mapped to C:\ProjectsB\
$/Projects/Project2  - Cloaked (Project1 & Project3 are not cloaked)

When I look in Explorer at the projects this is what I see:

C:\ProjectsA\Project1\  - Does not exist, nor should it since it's cloaked.
C:\ProjectsA\Project2\  - Exists but no TFS context menu (no green triangle).  Why?
C:\ProjectsA\Project3\  - Exists with full TFS context menu support.  Green triangle and all.

C:\ProjectsB\Project1\  - Exists but no TFS context menu (no green triangle).  Why?
C:\ProjectsB\Project2\  - Does not exist, nor should it since it's cloaked.
C:\ProjectsB\Project3\  - Exists with full TFS context menu support.  Green triangle and all.

How to get the TFS context menus back:

If I go to Workspace A and unclock Project1, then C:\ProjectsB\Project1\ suddenly gets it's green triangle and TFS context menus.
Likewise, unclocking from Workspace B fixes Workspace A's missing TFS context menus.

The apparent Bug in Shell Extensions:

The shell extensions are disabled for a directory that is cloacked in ANY workspace, not just the specific workspace actively in use.