Views (JSON) Body value being replaced

Hi,
I've got an odd little issue in D7 (7.23) which I'm hoping isn't anything too serious, but I just can't find the right combination of settings to make Views do the right thing.

In a Views Datasource JSON (7.x-1.x-dev) layout, I've collected many fields of data from a Content Type, including the Body field.
Using the Media project, I can add an inline image to the Body field. The same issue occurs if I add the image manually via source code. In both cases, the WYSIWYG editor (TinyMCE) displays the image correctly, and retains the image's HTML code after saving.

When I edit the View and review the Preview data - and when I go to the live site - the Body field has been replaced by the image tag's src URL. Let me repeat that: No body content appears except for the image's src URL.

Let's run through the various View settings:

• It's a JSON data document.
• The Field Output is set to Normal.
• The JSON data format is Simple.
• The Content-Type is text/json.

In the field's settings:

• It has a label of 'notes'.
• The formatter is Default.
• It's set to Hide if empty
• There is no rewriting happening.

I can confirm the site's Text Formats are configured to allow tags, and that they're not set to get stripped out.

Any thoughts on what might be happening here? How do I fix this..?

Cheers,
Dan