Typing over existing text skips first character

[mcvinnie]

Same as the InDesign bug:
When I have some existing type and I select the type and change it to something else, the first character is skipped or does not show.
Has anyone else experienced this issue and can anyone suggest a fix?
The fix for InDesign involved changing a preference in "Advanced Type" but there is no such preference in Photoshop that I know of.