With the large code change in WordPress 2.3*, it seems some bloggers are reluctent to stay with WP 2.3* and have reverted back to using an older version of WordPress. This is due to bugs and compatibility problems mainly.
Personally, I find WP 2.2.3 the best bet for the time being. It is stable and has the latest security fixes.
I’ve learned from rough experiences never to rush to upgrade to a new major release, cause there are almost always kinks to sort out. I’m going to wait out as long as I can.
As a side note, I hope bloggers who are reverting are using their previous backups to do so. Simply replacing older WP files over your newer WP files could cause all sorts of problems.
As there are even some database differences between 2.2 and 2.3 I doubt that you can simply convert back through a simple file backup. I would say that you need to do a db Backup as well.
Phil, indeed.