I'm having trouble with the word count; it seems to occur after a less-than and greater-than HTML entity ( < and >  ) .  Here's how to reproduce:

1.  Go to an UltimateEditor sample that displays word count (I used "Max Counts" with the Max variables set to -1)
2.  Click on the "HTML" tab
3.  Paste the follwing HTML into the editor and the word count problem should be evident:

<p style="margin-top: 0px; margin-bottom: 0px;">3 &lt; 5. Now the weird thing is, none of these words are being counted in the total count. 5 &gt; 3. But these words are counted!</p>