Looks to be a bug connected to "Volume cursor control" option. I reproduced it and will try to solve it.
What launcher is on that picture and which one you use? You cannot compare to different launchers because each
can have the search bar implemented in different way. I didn't touch anything regarding fonts so I believe they come as that
from official google sources.
And here is the picture of search bar on my Nova launcher.
Screenshot_2013-02-07-22-31-16.png 485.62K 73 downloads