There Is A Possibility That This Is Not A Bug, But A New Feature To Prevent Player From Falling Into The Void, Although It Is Very Unstable, For Example When Flying, Holding Shift Allows You To Descend Down The Void, And The Depth You Fall Is Kind Of Unpredictable.
I have confirmed this. It appears that you don't even fall more than 3 blocks down. I have a video for this: http://youtu.be/g74T9wF7V-s