Index: wp-includes/formatting.php
===================================================================
--- wp-includes/formatting.php	(revision 6625)
+++ wp-includes/formatting.php	(working copy)
@@ -1257,4 +1257,22 @@
 	return $matches[0];
 }
 
+// Respectfully strip unnecessary newlines
+function strip_newlines($text) {
+	$textarr = preg_split("/(<[^>]+>)/Us", $text, -1, PREG_SPLIT_DELIM_CAPTURE);
+	$stop = count($textarr); $skip = false; $output = ''; // loop stuff
+	for ($ci = 0; $ci < $stop; $ci++) {
+		$curl = $textarr[$ci];
+		if (! $skip && isset($curl{0}) && '<' != $curl{0}) { // If it's not a tag
+			$curl = preg_replace('/[\n\r]+/', ' ', $curl);
+		} elseif (strpos($curl, '<code') !== false || strpos($curl, '<pre') !== false || strpos($curl, '<kbd') !== false || strpos($curl, '<style') !== false || strpos($curl, '<script') !== false) {
+			$next = false;
+		} else {
+			$next = true;
+		}
+		$output .= $curl;
+	}
+	return $output;
+}
+
 ?>
Index: wp-admin/import/rss.php
===================================================================
--- wp-admin/import/rss.php	(revision 6625)
+++ wp-admin/import/rss.php	(working copy)
@@ -90,6 +90,7 @@
 			$post_content = preg_replace('|<(/?[A-Z]+)|e', "'<' . strtolower('$1')", $post_content);
 			$post_content = str_replace('<br>', '<br />', $post_content);
 			$post_content = str_replace('<hr>', '<hr />', $post_content);
+			$post_content = strip_newlines($post_content);
 
 			$post_author = 1;
 			$post_status = 'publish';