Index: wp-includes/shortcodes.php
===================================================================
--- wp-includes/shortcodes.php	(revision 11705)
+++ wp-includes/shortcodes.php	(working copy)
@@ -175,6 +175,7 @@
 	$tagnames = array_keys($shortcode_tags);
 	$tagregexp = join( '|', array_map('preg_quote', $tagnames) );
 
+	// WARNING! Do not change this regex without changing do_shortcode_tag() and strip_shortcodes()
 	return '(.?)\[('.$tagregexp.')\b(.*?)(?:(\/))?\](?:(.+?)\[\/\2\])?(.?)';
 }
 
@@ -289,7 +290,7 @@
 
 	$pattern = get_shortcode_regex();
 
-	return preg_replace('/'.$pattern.'/s', '', $content);
+	return preg_replace('/'.$pattern.'/s', '$1$6', $content);
 }
 
 add_filter('the_content', 'do_shortcode', 11); // AFTER wpautop()