slave_max_allowed_packet Not Honored on Slave IO Reconnect

Description:
It seems that in the event that a slave was disconnected from the master, under certain conditions, upon reconnect, it will report that it received a packet larger the slave_max_allowed_packet.

Using my test below, max_allowed_packet is set to 4M, slave is 1M and slave_max_allowed_packet is 1G and I am trying to update a row with a 1.5M file import to a blob column. This is easily reproducible on 5.5.30. The max_allowed_packet difference is to demonstrate that the problem could be on this value not on slave_max_allowed_packet, if I tried to set both to 4M and find a file about 4M in size as well, I think it would still trigger.

If I do stop slave; start slave; the replication would go through fine.

How to repeat:
This is using MySQL Sandbox and the test file can be anything around 1.5M, have not tested up to what size limits would work.

<script>
#!/bin/bash

VER=$1
PRT=$2
PFX=$3
PTH=/ssd/msb/rsandbox_$PFX
ERR=1

#while [ $ERR ]; do

sbtool -o delete --source_dir=$PTH 2>&1 /dev/null
make_replication_sandbox --sandbox_base_port=$PRT $VER 2>&1 /dev/null

for n in master node1 node2; do
cat >> $PTH/$n/my.sandbox.cnf <<EOF
innodb_file_per_table
binlog_format=ROW
secure-file-priv=/tmp
EOF
done

$PTH/restart_all 2>&1 /dev/null
$PTH/master/restart
$PTH/m -e 'set global max_allowed_packet = 1048576*4'

t=$(cat <<EOF
show global variables like '%packet%';
CREATE TABLE tblblobs (
  id int(11) NOT NULL AUTO_INCREMENT,
  activity_timestamp timestamp NOT NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  blob_name char(16) NOT NULL COMMENT 'unique blob name',
  status enum('INCOMPLETE','UNSUBMITTED','SUBMITTED','REJECTED','APPROVED') DEFAULT 'UNSUBMITTED',
  payload mediumblob NOT NULL,
  PRIMARY KEY (id),
  UNIQUE KEY blob_name (blob_name)
) ENGINE=InnoDB AUTO_INCREMENT=4 DEFAULT CHARSET=latin1;
INSERT INTO tblblobs (blob_name, payload) VALUES('test', LOAD_FILE('/tmp/percona-toolkit-2.1.7.tar.gz')) ON DUPLICATE KEY UPDATE payload = LOAD_FILE('/tmp/percona-toolkit-2.1.7.tar.gz');
INSERT INTO tblblobs (blob_name, payload) VALUES('test', LOAD_FILE('/tmp/percona-toolkit-2.1.7.tar.gz')) ON DUPLICATE KEY UPDATE payload = LOAD_FILE('/tmp/percona-toolkit-2.1.7.tar.gz')
EOF
)

echo $t | $PTH/m test
sleep 60
$PTH/s1 -e "SHOW SLAVE STATUS \G"|grep slave_max_allowed_packet
ERR=$?

#done
</script>

This is a cross report for http://bugs.mysql.com/bug.php?id=68490