I observed the problem on the following browsers:
- Safari Mac
- Firefox Mac
- Camino Mac
- Chrome Mac
Firefox and Camino didn't cut off quite as much as Safari and Chrome. If you need screenshots or for me to test on Windows, I can do that.
I notice this in the single week view the most, although if I look at the "view year" view, I notice that descenders are also cut off, but not quite as much.