I've also discovered any text that was previously italicized by the previous text editor disappears when rendered in the new one. If the entry is saved with the new text editor in place, all previously italicized copy disappears.
Until this implementation is remedied, I've plugged the earlier version of Redactor into this instance to stem client complaints. Doing so completely disables image placement and Live Preview, but it beats the alternative.
Is this the correct route of action in order to restore this functionality, or is there a better way? Please advise.