iCalendar feeds needs html special characters removed or replaced

In CRM/Utils/ICalendar.php
formatText function does this:
$text = str_replace("\"", "DQUOTE", $text);
$text = str_replace("
", "\\\\", $text);
$text = str_replace(",", "\,", $text);
$text = str_replace(";", "\;", $text);

However HTML characters (like  ) are converted to &nbsp\; and subsequently in the Calendar feed it will show up as "blah blah"

We should (probably) do the following:
$text = html_decode($text);
then do the str_replaces.