It's that way intentionally. The New Forum Posts block calls a function get_summary(), which is in includes/class_block.php. That does a bunch of processing to get a text-only version of the message to display. I think it's done because there's no room for the entire message, and if you try to shorten the non-text only version you have an issue with making sure all bbcode or html tags get closed.
Anyway, I'm not sure what you'd do to get smilies. I suppose you might be able to figure out a function to add them back in, but I don't think there's any option for it.
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