How to reproduce:

1. Open attached project
2. Open scene Bug.unity
3. Check out the animation curves of the ChangeColorAnimation.anim
- The square image is supposed to change its colours and alpha state. The animation is attached to the Canvas of the Image
4. Hit play.
- Note how the square stays white in the Game View

Here is a video of a slightly edited animation. This animation also enables and disables the image every now and then. http://screencast.com/t/metNiPHta The square animates properly when previewing the animation. The square is refreshed and uses the "current" colour when turned off and on again. If the preview is run and the scene is played afterwards, the square seems to animate properly.