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It is now working again, but I don't know what it was about what I did that made a difference. Here are the steps I took:

1) Deleted 1.7.5 and installed 1.7.4 from a TM backup, mail rule works
2) Deleted 1.7.4 and installed 1.7.5 SP #1 from a TM backup, mail rule works.
3) Ran 'Check for updates' from SP #1 and selected 1.7.5 SP #2, mail rule works (previously I had never installed the second 1.7.5 SP build)
4) Ran 'Check for updates from SP #2 and selected 1.7.5 final, mail rule works

Not once during the above did I open the OmniFocus preferences, Mail preferences, etc. or otherwise change anything other than installing a different version of OmniFocus. @kaijin, you might try re-installing 1.7.5 from a fresh download and see if that helps.