Having seen this, another early one and the later machined dropout ones it is easy to see where the confusion comes from. This one is rough, the other early one Ive seen is really sweet but in an old school ti way, a bit like Skyde's old Titan titanium compe:
(clicky, clicky, make me biggy)
If you look at the Titan you can also see large radius bend stays so maybe ther is an issue when trying to bend close radius bends, maybe ti is too tough to go close radius and ends up wrinkling?