I'm not having that problem, but I haven't installed .86.2 yet. I'll go do it and report back.
Edit: Okay, I just installed .86.2 and I'm unable to recreate it.
I make a sprite and add it to custom family "Test." Then I go to the event editor and make the condition "Test is Visible" and it works fine <img src="{SMILIES_PATH}/icon_confused.gif" alt=":?" title="Confused" />