The problems with this test are a little broader than the test itself. I'll document the problems with this test first and then the more general ones:
This test actually eventually does what its supposed to, but the reason I failed it is that it sends incorrect messages to the student.
If you set up an adaptive question and answer it correctly the first time (I used a multiple choice question), it marks it correct, but gives the student a message saying "this submission attracted a penalty of 0.3333." In fact the penalty was not actually assessed, but the student might think that was the case.
If the student initially answered the question incorrectly, it correctly assesses the penalty and gives the right message. However, when the question is answered correctly on a subsequent try it still tells the student a penalty was attracted (even though it says the answer was correct). As in the previous case, it doesn't really extract the penalty, it only says it did.
Another test I did was to submit the answer to a question in adaptive mode without first clicking on the check button. Moodle correctly proceeds to grade the question, but the Summary of attempt screen lists the question status as "Not yet answered." This could confuse and worry students as well. If the student proceeds to submit the quiz anyway, the question is appropriately graded.
This final problem happens for a number of other choices in the "How questions behave" drop-down menu as well. I noticed it with Adaptive Mode (nopenalties) and Immediate feedback as well. It isn't a problem in deferred feedback mode. There is correctly reports the status "Answer saved."