I was testing this with my game HoD (a 2.10 game, in case that helps); it has the normal 4-way walking. I haven't tested it in 8-way walking.
Anyways, Conveyors don't work right when you walk perpendicular to them. For example if you walk up or down on a left or right conveyors, it won't push you. And vice versa.
I don't think it's a bug so much as the game trying to snap you to the grid as best as possible in 4-way walking mode. I'd need to see it myself to see if it's a bug or not.
Well it didn't do this once in 2.10. You can walk and stop all you want on the converyors and it won't move you, so I think that it's a bug. :P
fixed
It is better but not all of the way fixed. The vertical conveyors work perfect as far as I know. However, the horizontal is still a little screwed up. It works when you stay still now. However if you walk vertical to lets say a lined up set of horizontal or even one horizontal conveyors against the wall, Link won't be affected by the conveyor even when he is 100% on it.