This is really weird.
Here's a simple markup
<div id="div1">
<object data="data:application/x-silverlight-2," type="application/x-silverlight-2" width="640px" height="480px">
</object>
</div>
and executing alert(document.getElementById("div1").innerHTML); shows me
<OBJECT type=application/x-silverlight-2 height=480 width=640 data=data:application/x-oleobject;base64,QfXq3+HzJEysrJnDBxUISgAIAAAlQgAAnDEAAAAAAAAAAAAAAAAAAAAAAAA8AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAABAAAAAQAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA></OBJECT>
Firefox or google chrome shows me correct markup. Only IE(tested on IE7) shows me above strange markup.