There is a 3x3 pool one block in depth, below a single pillar of water one block in dimension. When you try to jump out of the water on the Southern or Eastern sides you simply bob there as if there wasn't an edge.
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Can you post a screenshot?

This is such an old bug, been there as far as I remember Minecraft.
I have 1.4.5 but I am only seeing this on the east side.

Can confirm.
I spent too much time on this bug (MC-2324) to find under which circumstances it occurs. MC-2324 and this bug appear to be the same. I figured out that it is related to the quadrant of the map the player is in. The info below are valid only for this bug (exiting from a pool to air/air):
If the player is in the first quadrant of the map (x>0 and z>0) direction doesn't matter, he can exit to all 4 cardinal directions.
If the player is in the second quadrant of the map (x>0 and z<0) it is impossible to exit to the south side.
If the player is in the third quadrant of the map (x<0 and z<0) it is impossible to exit to the south and east side.
If the player is in the forth quadrant of the map (x<0 and z>0) it is impossible to exit to the east side.
Now please allow me to copy these info to MC-2324's description.