FCKEditor displays source HTML instead of rendered HTML

I'm trying to use FCKeditor with: VS 2008, ASP.Net, Dynamic Data

I'm in the process of creating a custom field template using FCKEditor so that I can provide a "rich text" experience.

I've gotten to the point where I can see the control and I can add/edit rich text just as I would expect. I format some text for a given field using the FCKEditor control and then I save the record to the database. I look in the database and this is literally what I see:

<p>This is a <span style="color: #ff0000"><strong>test</strong></span>.</p>

This is just what I expect to see.

The problem is when I go back to update that row. When the above string gets loaded back into the FCKEditor control it is rendered just as you see it, and not as rendered HTML as one might expect.

Any ideas?