Hi Eric,
The problem seems to be related to the EditorWysiwygModeCss parameter. In IE9, when this parameter is set to 'example.css', where example.css is the unaltered version provided by Cutesoft, there won't be any string in the .text parameter on postback. Additionally when the page is posted back the editor does not retain it's value.
If you use Firefox 4 or Chrome 11 or IE9 (Compatibility mode) then the problem does not occur.
If you do not set the EditorWysiwygModeCss parameter then even in IE9 normal, there is no problem.
Only the combination of IE9 and EditorWysiwygModeCss=some css value does the problem replicate.
Will