Image caption shortcode causing problems in 3.2.1?

We typically use many images in our WP posts and then format them using tables.

A typical post will have 10-15 images in 4-5 rows. Each row is formatted as a multi column table with each image captioned. There is text/ explanations between these 1 row tables.

Since the 3.2.1 upgrade, I am seeing a weird problem. When I preview a post, only the post title shows – no content. Same when I publish.

I have tried many things to find the problem, and the most recent test results were following:

– if I stay within 11 images + captions, the post previews/publishes ok
– if I remove all captions, the entire post (with 15+ images) previews/publishes ok

Is anyone else facing this or similar problems with the caption shortcode?

Any hints to further debug this issue will be much appreciated.

thanks, sandip