I agree with you 100% ClintM. I'm not sure if they allow users to remove the formatting which is frustrating to me too. I personally just spent the last 15min formatting one of my longer notes exactly the way that I wanted it. Out of nowhere -- BAM! -- Evernote magically reformatted everything back to the way it was before. Why it would do this is beyond me.
There is absolutely no reason that there isn't a setting under "Personal Settings" that allows users to select between these two:
Formatting: Rich Text / Plain Text
Hopefully someone else replies with a solution for this issue.
P.S. If you look at the bottom of this Reply window, there is a switch that says "Notify me of replies." You can toggle that switch on and off which is nice. Their Dev Team could easily add a switch just like that into Personal Settings within a single day and the hundreds of thousands of users that want plain text could simply toggle that pretty switch. Just my two cents.