Extended lookup field results in HTML encoded string in list view

Hello again,

I have built an extended lookup field to provide picker support. For this I have custom field type and custom field control. Field type looks like this:

<FieldType><Field Name="TypeName">LookupWithPicker</Field><Field Name="ParentType">Lookup</Field><Field Name="TypeDisplayName">$Resources:FieldDescriptions, LookupWithPickerDisplayName</Field><Field Name="TypeShortDescription">$Resources:FieldDescriptions, LookupWithPickerTypeShortDescription</Field><Field Name="UserCreatable">TRUE</Field><Field Name="FieldTypeClass">Sharepoint.Fields.Types.LookupWithPicker, $SharePoint.Project.AssemblyFullName$</Field><PropertySchema><Fields><Field Name="LookupList" Type="Text" DisplayName="Lookup List Id" MaxLength="36" DisplaySize="36" Hidden="TRUE" /><Field Name="LookupField" Type="Text" DisplayName="Lookup Field Name" MaxLength="36" DisplaySize="36" Hidden="TRUE" /><Field Name="LookupContentType" Type="Text" DisplayName="Lookup Content Type Id" MaxLength="255" DisplaySize="255" Hidden="TRUE" /></Fields></PropertySchema></FieldType>

public class LookupWithPicker : SPFieldLookup
    {
        #region Constructors

        public LookupWithPicker(SPFieldCollection fields, string fieldName)
            : base(fields, fieldName)
        {
        }

        public LookupWithPicker(SPFieldCollection fields, string typeName, string displayName)
            : base(fields, typeName, displayName)
        {
        }

        #endregion

        #region Public properties

        public override BaseFieldControl FieldRenderingControl
        {
            get
            {
                LookupWithPickerFieldControl ctrl = new LookupWithPickerFieldControl(this);

                ctrl.FieldName = InternalName;

                return ctrl;
            }
        }

        #endregion
    }

At this point everything works as expected except for the list view part:

I wonder why it's HTML encoded? Do I need to provide custom XSL too? I find it a bit confusing when display form renders this field properly without any customization required.