The issue is associated with Cisco bug # CSCDK46673. Cisco has a fix available.
Here is an excerpt from Cisco's bug report:
Bug Id : CSCdk46673
> Headline PIX 4.2(2) - fixup smtp trashes E-mail when NOOP is issued
>
> Product pix Model
> Component pix-app Duplicate of </cgi-
bin/bugtool/onebug.pl?bugid=>
>
> Severity 2 Status </kobayashi/releases/bugstate.html> R
>
> Version Found 4.2(2) Fixed-in Version 4.2(3)
> Release Notes In PIX 4.2(2), when a NOOP is issued by an SMTP server
> behind a PIX when the fixup smtp command is enabled, portions of the
> E-mail will be replaced by a series of ''X''s, which may render the
> resulting message unreadable.