Kathlene really first brought this issue to attention on the Forum in her thread
Reading old version files in new version of Microsoft Streets and Trips. It took me a while to figure out what was going on but this is what I think it is.
When you upgrade a file from an older version (say 2010 over 2007) the pushpins show data in the balloons that you did not intend them to. And it is the same data for all the pushpins. In her example, you can see one address in all the flags/balloons when she first converted. That really shouldn't happen.
Fortunately, the work-around is not too horrendous. If you cut the pushpin and immediately paste it back into the same map, that spurious data will be wiped. That is, select the pushpin, right-click, Cut, and then Alt-E-P to restore the pushpin.
Maybe this can be fixed in 2011.