Index: wp-includes/formatting.php
===================================================================
--- wp-includes/formatting.php	(revision 19596)
+++ wp-includes/formatting.php	(working copy)
@@ -2908,12 +2908,17 @@
  */
 function wp_strip_all_tags($string, $remove_breaks = false) {
 	$string = preg_replace( '@<(script|style)[^>]*?>.*?</\\1>@si', '', $string );
-	$string = strip_tags($string);
 
+	$string = preg_replace( '@</?\s*(P|UL|OL|DL|BLOCKQUOTE)\b[^>]*?>@si', "\n\n", $string );
+	$string = preg_replace( '@<(BR|DIV|LI|DT|DD|TR|TD|H\d)\b[^>]*?>@si', "\n", $string );
+	$string = preg_replace( "@\n\n\n+@si", "\n\n", $string );
+
+	$string = strip_tags( $string );
+
 	if ( $remove_breaks )
 		$string = preg_replace('/[\r\n\t ]+/', ' ', $string);
 
-	return trim($string);
+	return trim( $string );
 }
 
 /**