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I am not having the same issue as you are. It seems to be working for me - so I'm wondering how you're referencing your static block; perhaps you're missing something?
Here's my static block:
And a demo test.php file to output it:
$block = Mage::app()->getLayout()->createBlock('cms/block')->setBlockId('test');
And the output I get:
> php test.php
Some things to check:
Make sure you're calling
toHtml on the static block. If so, make sure that the static block is set to use the correct store view (in multistore mode). Make sure that you're using the right block id.