Shouldn't B'1' = 1::bit be true?

Am I missing something here?

agelis=# select B'1'::int;
int4
------
1
(1 row)

agelis=# select 1::bit;
bit
-----
0
(1 row)

agelis=# select B'1'=1;
?column?
----------
f
(1 row)

Last I checked, binary 1 and integer 1 were equal. Is this a bug, or is there
a reason for this that I need educated on? Why does int 1 cast to binary 0?

This is Posgres 7.4.1.

--
Bill Moran
Potential Technologies
http://www.potentialtech.com