STEPS TO REPRODUCE
1) In IE, Control Panel > Content > Blogs
2) Add large item of paragraph based text
3) Add an image and left align it (Notice padding around image is missing)
4) Publish the blog. Add it to blogs portlet on public page.
5) View blogs portlet in IE
IE edit and IE publish have padding
Only IE published has padding. IE edit does not have padding.
Master: Reproduced **
7.0.x-private: Reproduced **