If a world is created in 1.7.10 opened in 1.8-pre1 items will be ok but if that world is opened again in 1.7.10 all inventory, equipped and chest items will disappear. This is probably already reported and working as intended.
Related issues
duplicates
Comments


I can confirm that this error still occurs now that 1.8 is no longer a snapshot... Are we allowed to report this as a bug now?

@Adam Noyb
As indicated in MC-45009, this is not considered a bug, since version downgrading is not supported. 1.7 is incapable of recognizing the format in which items are stored in 1.8, and to prevent a crash, removes them.
Duplicate of MC-45009. Version downgrading is not supported.