It would appear that the latest update of Magento CE 220.127.116.11 is not without it’s issues, and we are currently looking into a couple of hopefully minor bugs that have cropped up after testing.
So far we have found two distinct bugs in the Magento 18.104.22.168 upgrade, and hopefully this is all we will find, however the main one is with regard to the Blocks HTML Output Cache.
Magento Blocks HTML Output Cache Bug in 22.214.171.124 Upgrade
It would appear from our research that there is a problem with the Blocks HTML Output cache in Magento on the 126.96.36.199 upgrade in that cache keys on this particular cache are not being allocated correctly.
Currently the solution to this is to disable the Blocks HTML Output cache in the Configuration -> Cache Management Screen
Disabling the cache should resolve the issue, however it is far from being an ideal solution, in the meantime there is also a Magento Extension that can resolve the issue without the need to hack the core files within Magento
We have so far implemented this particular fix on three Magento stores and it has resolved the issue completely on all three, in the absence of patch or new release from the core Magento team, we would suggest you do the same if you are considering an upgrade to Magento 1.9.2 as currently your only real alternative is to disable the¬†Blocks HTML Output cache which will result in a significant performance decrease in magento.
In the mean time whilst we await an action from the core Magento development team, this particular issue can be tracked on Magento’s Issue system as they have it as a registered bug:
Issue #7817: First Static Block cached is always shown.