Well I thought the same thing and did just that (copied and pasted the exact post into an older IIP version).
Using IIP 5.4.4 the post was proper. Using IIP 6.5, it was as I listed above. So there is a glitch in there somewhere between the two that messes with the HTML input into a post by Markup Tags.
So far I have tested the COLOR tag, the BOLD tag, and the ITALICS tag, all of them cause this issue for the latest IIP version.
Trying to figure out why as well.
And scroungr, if I have not said it before, I LOVE having IIP updated.
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