Just found WYMeditor, and I love it. The biggest problem I see is that it's not very well wrapped up in an API. Personally I would like to do that using mochikit so that someone could just include the specific source, and then call something like "makeEditor(textarea)". And then from then on, "textarea.command('bold')", "textarea.cleanHTML()", etc.
But I'm not sure where the dev is going, would this be a productive addition in your minds?
Thanks.