What I expected to happen was...:
Play button say "Play" when I select 1.6.2

What actually happened was...:
Play button says "Play Offline" when I select 1.6.2 and Play button says "Play" when I select Snapshots or mods.
And when I'm on 1.6.2 it says "Bad Login" when I try to get on Servers.

Steps to Reproduce:
1. For me it does this every time I get onto the launcher

Not Switching Account
This isn't happening when I switch Minecraft Accounts. Its happening when I go from a modded profile to the default. I'm using the same Minecraft account for the whole thing.