Steps to reproduce:
1. Navigate into a site of which you are a member
2. Select the Site Members menu option
3. View my own site permissions in the list.
Result: Permissions shown as Collaborator (see attachment)
4. Navigate to the Site Dashboard
5. View the list of site managers shown in the Site Profile dashlet
Result: I am included in the Site Managers list (see attachement)
6. Attempt to upgrade someone to site manager
Result: Upgrade successful despite this being apparently above my own role
It's not clear from the two separate views on the site which level my role is, although it seems to be that I am a site manager if I have permissions to create other site managers.
Note - Raising as a Category 2: Working feature but unintuitive user interface.