Index: /Users/steph/Documents/code/WordPressSVN/trunk/wp-includes/formatting.php
===================================================================
--- /Users/steph/Documents/code/WordPressSVN/trunk/wp-includes/formatting.php	(revision 12905)
+++ /Users/steph/Documents/code/WordPressSVN/trunk/wp-includes/formatting.php	(working copy)
@@ -1807,18 +1807,17 @@
 	$raw_excerpt = $text;
 	if ( '' == $text ) {
 		$text = get_the_content('');
-
-		$text = strip_shortcodes( $text );
-
 		$text = apply_filters('the_content', $text);
 		$text = str_replace(']]>', ']]>', $text);
-		$text = strip_tags($text);
+		$excerpt_tags = apply_filters('excerpt_tags', ''); 
+		$text = strip_tags($text, $excerpt_tags);
 		$excerpt_length = apply_filters('excerpt_length', 55);
 		$excerpt_more = apply_filters('excerpt_more', ' ' . '[...]');
 		$words = explode(' ', $text, $excerpt_length + 1);
 		if (count($words) > $excerpt_length) {
 			array_pop($words);
 			$text = implode(' ', $words);
+			$text = force_balance_tags($text);
 			$text = $text . $excerpt_more;
 		}
 	}