Here's a screenshot of my calendar on my phone.
No, I'm not scared of you seeing my personal data as Window Phone won't even show it to me!
See (Zoomed 150%)
That's right, in the month view they just show placeholder text.
The number of entries corresponds to the number of items each day but the displayed text does not.
I assume this is just for some performance optimization (probably when animating) but it looks lazy :(