Oblivion patch doesn't mend item duping

Those of us concerned that our item duping days are a thing of the past, thanks to Bethesda's Oblivion patch, need not worry. Even with the patch installed, you'll still be churning out grand soul gems faster than a gang of mage apprentices -- and you won't need no stinkin' code to do it. Here's the step-by-step from About.com (purists, avert your gazes):

1. Equip any number of arrows (a number divisible by ten is advised)
2. With no weapon equipped, look at the floor and punch it by pressing Right Trigger
3. Quickly, before the punch has been completed, press B to access the inventory screen
4. Select the arrows that are equipped and press A to attempt to unequip them (you will receive a message saying you cannot do this because you are attacking)
5. Select the item you wish to duplicate and press X to drop and duplicate the item
6. Pick up your loot