The actual content is stored as low.  the weirdness comes about because of the combination of two current peculiarities:

1. pointers currently convert links in storage into inclusions so that we can do type handling and views and such
2. *content and *default don't render inclusions when viewed directly; they just show the inclusion syntax.

 

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Ah, and then it changes to

when you open it because that's the view it would be in if it were being rendered normally.

  --John Abbe.....Wed Nov 24 01:46:55 -0800 2010