The following image hopefully illustrates my problem better than a textual description:
A part of the mesh which is selected in the UV/Image Editor on the left is bent (the rim of a wooden wheel). I would generally expect textured faces to contain the part of the albedo-texture that is also displayed in the corresponding faces of the UV/Image Editor.
Consequently, from the way the texture is displayed in the UV/Image Editor, I expect the texture to have the wood grain aligned with the curve. On the top-right Rendered Preview however, you see that the grain is radially aligned towards some vertex at the bottom of the rim.
Here is a Link to the Model:
What am I missing or misunderstanding here?