I've converted and tried a short wav sample, converted by Lame into mp3. I've tried different formats. AFAIK, UTF-8 is available only at ID3 v2.4, which, seems, currently is not supported at all. If I choose v2.4 tags, they are not displayed. So I've used ID3 v2.3 with UTF-16 encoding. The sample can be found at http://tolkov.com/valery/scream.mp3 (about 10K).

In fact, I've used tag editor from www.mp3tag.de, and tried different combinations with the same result. Personally, I need Cyrillic Unicode range, other applications support it quite fine.

BTW, Happy Xmas.