Mongoose does not populate virtuals? :(

gistfile1.js

var mongoose = require('mongoose');
mongoose.connect('localhost', 'testing_populatedGetter');

var Schema = mongoose.Schema;

var UserSchema = new Schema({
  name: {
    first: {
      type: String
    },
    last: {
      type: String
    }
  }
});

UserSchema.virtual('name.full').get(function() {
  return [this.name.first, this.name.last].join(' ');
});


var ItemSchema = new Schema({
  owner: {
    type: Schema.ObjectId,
    ref: 'User'
  }
});

var Item = mongoose.model('Item', ItemSchema);
var User = mongoose.model('User', UserSchema);

mongoose.connection.on('open', function () {
  new User({ name: { first: 'aaron', last: 'heckmann' }}).save(function (err, u) {
    console.error('err1', err);

    var item = new Item({ owner: u._id });
    item.save(function (err) {
      console.error('err2', err);

      Item.findOne().populate('owner').run(function(err, item) {
        if (err) console.error('err3', err);
        console.log('virtual: %s',item.owner.name.full);
        mongoose.disconnect();
      });
    });

  })
});