This bug still exists of 1.7beta.
Seems like similar issue with ACF was fixed but Meta Box no - using basic text element
EDIT - this is only happening when setting the Basic Text HTML element to a p tag. If you use the Rich Text element you get an unnecessary div wrapper.
Frontend Output Showing 3 p tags for just the 1 p tag in the backend WYSIWYG field
From the MetaBox WYSIWYG Text tab




