Ok -- this is now solved. Turns out it was not an update problem. The user who reported it to me put text in the "summary" field -- and it seems that whenever you type something in "summary", it won't display "text" on the feed. Clear out the "summary" and then the text shows up again.

Seems like this is a "feature". Would be nice to have some documentation explaining this. Probably so text on the create a post form too, so the users know what will happen.