Display Inline / Display on new line not working correctly

I am testing with Confluence 4.3.7 and have a strange behaviour.

Testet e.g. the excerpt macro: When setting the "Display inline" property in the editor, the preview is ok, but after saving the page, the excerpt is rendered as block element.
When choosing the "Display on new line" property, the editor renders it on a new line, but after saving, the excerpt seems to be rendered inline!

I attach screenshots for the source fragment (preview, view)
<p>The pre<ac:macro ac:name="excerpt">
<ac:parameter ac:name="atlassian-macro-output-type">INLINE</ac:parameter>
<ac:rich-text-body>
<p>An excerpt: inline or not?</p>
</ac:rich-text-body>
</ac:macro> the post</p>