I’m not sure if someone else posted this, but I just downloaded the beta today (12/4/2010)- awesome product by the way 
- and I took my novel from an Open Office document, copy/pasted all the text in, while separating chapters with new text areas… I saved, closed out the program and re-opened it immediately to find that all the text I had put in is now highlighted in black and you can not see any of the words unless I re-highlight them. However, re-highlighting does not make the black highlighting disappear, if you know what I mean. All the formatting is gone also, like another person mentioned.
Anyway, that’s that! Thanks a bunch for a really great program