http://www.ncbi.nlm.nih.gov/pubmed/20457470
Not true, zbmom. It didn't take me long to find this article on google. It even states that psychotic features are not rare! The finding (which is two sentences on here) suggest that the psychotic feature and non-psychotic feature could be two different phenotypes but still considered Bipolar II.

I also forgot that the psychotic features can only occur during depression.