Similarity writes ID3v2 tags, but it doesn't always read them.
When I go to the edit window (Ctrl-E), click on a file with both ID3v1 and ID3v2 tags, only the ID3v1 information (30 chars) is presented. When I add the missing information (obtained e.g. from Winamp file info) manually, the long information is properly stored as ID3v2 after clicking "Apply".
It is very probably a bug in Microsoft libraries: When I look at these files in windows explorer, no audio information like title, album or even length is shown in the respective columns, although both ID3 tags are present. I have to state that Microsoft programs are not a reliable source for audio information (at least for MP3).
By the way: What does it mean, when I get a third file entry with all "n/a"s in the edit window, but only two files were in the similarity group?