Upon updating to Drupal 7.22 from 7.21, I received these errors after running update.php, then going to the home page:
Notice: Undefined index: value in _text_sanitize() (line 319 of /.../modules/field/modules/text/text.module).
Notice: Undefined index: format in _text_sanitize() (line 319 of /.../modules/field/modules/text/text.module).
Notice: Undefined index: format in text_field_formatter_view() (line 279 of /.../modules/field/modules/text/text.module).
Notice: Undefined index: value in _text_sanitize() (line 319 of /.../modules/field/modules/text/text.module).
Notice: Undefined index: format in _text_sanitize() (line 319 of /.../modules/field/modules/text/text.module).
Notice: Undefined index: format in text_field_formatter_view() (line 279 of /.../modules/field/modules/text/text.module).
Notice: Undefined index: value in _text_sanitize() (line 319 of /.../modules/field/modules/text/text.module).
Notice: Undefined index: format in _text_sanitize() (line 319 of /.../modules/field/modules/text/text.module).
Notice: Undefined index: format in text_field_formatter_view() (line 279 of /.../modules/field/modules/text/text.module