If PUBLISHCOLLATE is set to 0 it is not respected if you want a multi-page PDF using Page Setup Overrides in Sheet Set Manager using the the DWG To PDF.pc3.
An even more critical bug is this one in the PUBLISH command that also existed in AutoCAD 2008.
If PUBLISHCOLLATE is set to 1 and you create a multi-page PDF using DWG To PDF.pc3 I have found that in some cases characters are not plotted correctly. Example was an A that was missing the horizontal line, but only one of the A's on the drawing. Another example was that part of a character was missing on one of the pages but seen on the following page. After testing further it seems like it is the last object or partial object that end up on the following sheet. Workaround is to either plot to DWF and then plot the DWF to PDF or to plot to single page PDFs and then combine them.
This should be released as a hotfix as it cannot wait for SP1 and it should be fixed for AutoCAD 2008 as well because users might not be aware of the corrupt PDF files they are creating until it is too late.