Look at the testcase. Now, open it in VE. Parsoid has interpreted the single quotes into a different arrangement of bold and italics than before. Having a template or image above the paragraph seems to be key to this bug; removing it prevents the issue from arising.
If an article's wikitext contains a line of the form
Word1 '''Word2''' Word3 ''Word4'''
then Mediawiki will bold Word2 but Visual Editor won't. This happens only if the line is NOT the article's first line.
You can see this effect in action in the first paragraph of