In Maven you can usually set a project up so that the parent POM dependency management sets excludes for all child projects. This works with both POM and jar dependencies.
In IntelliJ 7.0.2 this works perfectly.
In build 7744 it appears not to be matching the dependency management to the dependency in the child POM.
In the attached project the child does not pick up the version at all from the parents dependency management section. This only impacts POM dependencies. Adding the version explicitly works around this project but loses the exclusions from the parent POM.
The 'correct' behaviour is seen in 7.0.2