It's affecting 'special characters' that have been cut-and-pasted in from elsewhere (a Word document say, or the web), but not things that have been directly typed into the text editor at the Sphere.
For example, it affects open-single-quote and close-single-quote, and curled apostrophes, which are characters you can't type directly into the text editor (here you just get a straight apostrophe/single quote). Presumably the Sphere used to be able to handle converting these special characters, but isn't at the moment for some reason.
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