It looks like it stretches it even more
That's because it was in a one-line paragraph in my post.
Here's a comparison:
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore monsterum cookid.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore monsterum cookid.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore monsterum cookid.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore monsterum cookid.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore monsterum cookid.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore monsterum cookid.
They all seem to stretch the space above by about the same amount, but the last two don't stretch the space below. It looks like our smilies, like : monster :, are vertically center-aligned with text, while external images are bottom-aligned (the default). It would probably look better if they were made into smileys.