--- views_bonus_export.module	2011-02-21 15:21:41.000000000 +0200
+++ views_bonus_export.module	2011-02-21 19:02:47.000000000 +0200
@@ -82,7 +82,18 @@ function _views_bonus_export_shared_prep
 
     foreach ($keys as $id) {
       if (empty($fields[$id]->options['exclude'])) {
-        $vars['themed_rows'][$num][$id] = $fields[$id]->theme($row);
+        // Strip tags by default; don't if the field contains html and Views says not to
+        $strip_tags = TRUE;
+        if (substr_count($fields[$id]->theme($row), '</') > 2 && $fields[$id]->options['alter']['strip_tags'] == FALSE) {
+          $strip_tags = FALSE;
+        }
+
+        if ($strip_tags) {
+          $vars['themed_rows'][$num][$id] = decode_entities(strip_tags($fields[$id]->theme($row)));
+        }
+        else {
+          $vars['themed_rows'][$num][$id] = $fields[$id]->theme($row);
+        }
       }
     }
   }
--- views_bonus_export.theme.inc	2011-02-21 13:53:13.000000000 +0200
+++ views_bonus_export.theme.inc	2011-02-21 15:23:29.000000000 +0200
@@ -28,7 +28,7 @@ function template_preprocess_views_bonus
 
   // Format header values.
   foreach ($vars['header'] as $key => $value) {
-    $output = decode_entities(strip_tags($value));
+    $output = $value;
     if ($vars['options']['trim']) {
       $output = trim($output);
     }
@@ -38,7 +38,7 @@ function template_preprocess_views_bonus
   // Format row values.
   foreach ($vars['themed_rows'] as $i => $values) {
     foreach ($values as $j => $value) {
-      $output = decode_entities(strip_tags($value));
+      $output = $value;
       if ($vars['options']['trim']) {
         $output = trim($output);
       }