Weird psql problem

I recently noticed that in my web app, a \n wasn't getting converted to
a <br />. (The problem turned out to be that for this particular
record, it was a \r).

When I checked out the record in psql, I got some weird behavior.

What shows up in the web:
amoth4:it is o.o
jm:Speaking of being a sounding board, will you test something?
jm:Ot
jm:It's pretty quick

What shows up in psql:
jmelloy=# select * from messages where message_id = 219897;
message_id | message_date |
message
| sender_id | recipient_id |
message_idx
------------+----------------------------
+-----------------------------------------------------------------------
--------------------------------------+-----------+--------------
+-----------------------------------------------------------------------
----------------
jm:It's pretty quick | 4 | 126 | 's' 'jm' 'ot' 'o.o'
'test' 'board' 'quick' 'sound' 'speak' 'amoth4' 'pretti' 'someth'

Something is definitely weird. Using version 7.3 on OS X.

Jeff