db_field_set_no_default(); Breaks Fields

This issue is for the db_field_set_no_default(); problem when updating a field from Drupal 5, as outlined in http://drupal.org/node/198502#comment-664981 and http://drupal.org/node/200359#comment-664993 .

Essentially, dropping the DEFAULT appears to be breaking the ability to do INSERTs on content_field_* tables without explicitly stating a value or defining a DEFAULT value.