The description field is wrapping ALL content in <p> tags, regardless of what that content is.  We've seen this problem before- in early versions of WebGUI.  The current 7.5.34 and the release we're running 7.5.29 have this problem.  It's a bigger issue for us because we put a lot of asset proxy macros in that field, and when the macro is encapsulated in <p> tags- it fails to work properly.  

I replicated on the demo server.  here: http://demo.plainblack.com/demo1227279943_544/home?op=assetManager

admin/123qwe will get you in.