diff -ruN views/handlers/views_handler_field.inc views.fixed/handlers/views_handler_field.inc
--- views/handlers/views_handler_field.inc	2012-02-03 11:37:57.000000000 +0100
+++ views.fixed/handlers/views_handler_field.inc	2012-02-03 11:35:02.000000000 +0100
@@ -912,7 +912,9 @@
       // NOTE: It's possible that some external fields might override the
       // element type so if someone from, say, CCK runs into a bug here,
       // this may be why =)
-      $this->definition['element type'] = 'span';
+      if (!preg_match("/<(h[1-6]|p|div|blockquote|hr|br|pre)[^>]*>/", $value)) {
+        $this->definition['element type'] = 'span';
+      }
     }
     return views_trim_text($alter, $value);
   }