<xsl:apply-templates/> is not implemented correctly in MSIE 5b2.  It
only applies templates to *element* children of the current node; it
does not apply the default template to *character* children.  As a
result, mixed content can not be processed.

In the original questioner's case, he should use <xsl:value-of
select="."/>, which will return the character data of the current
element.

Note that by this method you can get *either* the text *or* the
element children, not both, making it impossible to do real documents
with the current implementation.  I sincerely hope that MS will fix
this severe bug in the next beta.

-Chris
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