cd into // works?

Hi,

due to a typo, I typed

[klamath] ~>cd //

today. Okay, I'm used to the shell[1] changing any // into /, so I
expected to get to /. Now, I got there, but pwd/$PWD still have "//" in
them?

[klamath] //>pwd
//
[klamath] //>echo $PWD
//
[klamath] //>cd //home//
[klamath] //home>pwd
//home

I checked with Linux, and there everything works as expected:
[catalina] ~>cd //
[catalina] />pwd
/

Is this expected behavior? 

Regards,
Andreas

[1] I always thought it was the shell, but I have the same shell (bash 
    3) on FreeBSD and Linux. 
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