After seeing this (http://www.zabbix.com/forum/showthread.php?t=6279) post in the forums I decided to check it out a bit further. It appears as if sensors.c is still using the old procfs interface to get things like CPU & M/B temperature readings. Linux has been moving away from the procfs interface (at least for this data) for quite a while and is now focused on using sysfs. Sysfs provides a much cleaner, more defined interface and allows for one "file" per device.
There is a work around for this problem as high-lighted in this forum post (http://www.zabbix.com/forum/showthread.php?t=2508), but it's not clean and forces users to go searching for a solution to a problem that really shouldn't exist.