We have confirmed reports that some businesses listed in Google Maps / Places have noticed their business descriptions have gone missing.
A Google Places Help thread has several reports with confirmation from Googlers.
One place is an appliance store in Fort Worth, Texas who is completely missing their business description.
Normally the business description would show up under the grayed out tags or categories but here they do not.
Vanessa from Google said last Friday:
Just to be clear: descriptions have not disappeared with the new Place page changes. We've just pushed a new listings index — please give it a couple days for the info to reappear. But keep us posted if you see they don't come back so we can take a deeper look.
As of a few days later, the issue is still not resolved. I hope it is soon.
Forum discussion at Google Places Help.