In ASP .NET 4.0, request validation is enabled for all requests by default.
http://www.asp.net/whitepapers/aspnet4/breaking-changes
You can still force your app to ignore this check.
See link for details:-
ValidateRequest="false" doesn't work in Asp.Net 4
However, I wouldn't advocate this strategy. It's much better to try to validate the text with Javascript before sending to the server to ensure it doesn't contain any characters that trip the ValidateRequest behaviour.
This question covers all of those characters:-
What characters or character combinations are invalid when ValidateRequest is set to true?
If your user does not have Javascript enabled, you'll still hit the error. In that (rare) case, you can fall back on customErrors
so that you at least show something that is prettier than the yellow error page.