I can confirm that this is also an issue for Dev 2198 on OS X 10.7.4 using English.
A few other notes:
- The System Preferences menu item does not work ONLY when Sublime is the current focused application. Moving focus to another application, then accessing System Preferences, works fine.
- Other menu items from the Apple menu seem to be working fine (haven't tried EVERY one, but most work).
- Sublime Text is f-ing amazing! Thanks for creating such a fantastic application.