After exiting my world in Minecraft 1.8.8, I entered it again in Snapshot 15w43a. (In creative mode) Upon entering I started sinking into the ground. I quickly booted up FRAPS to record this video:
I was unable to reproduce the bug.
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I know full well what can happen, although I appreciate the word of caution. Back to the matter at hand, it appeared to be a bug, and so I reported it. And the fact that I had entered said world after using it in 1.8.8 seemed like pertinent information.
This issue duplicates MC-86947
It's highly recommended to not open a world using an older version after opening it using a more recent version. Unless you have a backup, your world could be corrupted.