Using setField() in setType() (SObject) prevents insert/update of Account.Type

[gsmithfarmer]

Since SObject.setType() uses setField() I do not believe it is possible to update/insert Account.type. An attempt to do so throws an "unknown sobject -- try adding __c to the object name" type error (if setType is called before setField("type", ...). If setType is called after setField("type",..." the the update to Account.type is ignored.