I realize that there are other bug reports claiming item loss, but they were not detailed so I am going to try and make this a bit more detailed:

 
I was playing in my singleplayer survival world, and fell from around y=80 to y=11 (I tried to do the water bucket trick and I think that is what caused the bug). I died, and when I went back to the spot, all of my inventory items were gone, except my armor and experience orbs. I noticed that right before I died, the water placing noise played, but no water was present when I came back to the spot of my death. I hope this can be fixed, because this seems like a pretty major bug, no matter how unlikely it is to occur.