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Within the server, the java:global, java:app, java:comp JNDI names pointing to remote EJB interfaces are all backed by the EJB client API - which means it behaves the same as it would when you use ejb:. Although for target EJBs that reside on the same server instance, the implementation ensures that the unnecessary remoting overhead isn't applied. You shouldn't be seeing any network calls. I think 7.1.1.Final should behave the same but it's better to try a latest released version http://www.jboss.org/jbossas/downloads.html
Thanks for the reply, I'll try the EAP alpha and get back to you.