If I receive an ACTION (/me) message, the Konversation OSD popup shows it as if it was a normal message, with angle brackets around the sender's nickname. For example, the OSD popup shows "(#konvi-test) <PovAdct> sends an action" but the ircview shows "[20:01] * PovAdct sends an action".
Still valid as of 1.7.7. Actions are not distinguished from normal messages at all now.