msdosfs mask?

In the past, msdosfs has taken its permissions from the mountpoint.
Recently I noticed that this still works for files in the root directory
but subdirectories are all chmod 000.  Has anyone else seen this?  Adding
the -m=755 flag for instance does work for the files in the top of the
mountpoint (i.e. command.com) but not subdirectories, which are still 000.
What's going on?

-Nate