The XML importer uses some basic vBulletin libraries to clean up content and insure there's nothing bad in your file. Nothing else happens to the data so that's the only possible problem I can think of at a glance.
You can try disabling this by commenting out or removing line 1651 of admincp/productforums.php
If this solves things, I'll write a custom cleaner for the mod. If not I'll PM you to get the full XML file and debug it.
Code:
// $product->description = normalize_str($product->description);