The problem is definitely in either RRDTool or the freetype libraries; the positioning of the text in the output is completely wrong, and its not possible to make it like that deliberately using normal RRDTool commands.
Since a downgrade of RRDTool hasn't helped, my next guess would be the freetype libraries. Harder to change, I know

I've never yet tested Routers2 with the 1.4.x RRDTool libraries, but I can't see how the gprint statements could cause this effect.
You might want to run with the debug=yes flag set in the routers2.conf and post a copy of the exact RRDTool options list (this appears in the comments of the page when in debug mode) which might help identify any embedded character string which might have become magic in the new version of freetype. Also, have you enabled pango (pango=yes) in the routers2.conf? If so, try disabling it.
Once Im back to work I'll install 1.4.x on the dev box here and see what it looks like.