utf-8 validation error

Hi;

I have what I think is a simple question but I can't find an answer anywhere in the F.A.Q. or any of the docs.

The validator gives me an error on characters > 127 even though I did
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8">

and it's a legit 2 byte UTF8 sequence. Does the validator not support UTF8? (I would assume it does as it is so common and so I'm figuring I am doing something wrong. An example it is chocking on is 0xC2 0x80.

thanks - dave

ps - The validator is a WONDERFUL product.