Providing an RTE (Rich Text Editor or WYSIWYG editor) in CMS applications is considered standard nowadays. It allows non-technical content editors to format content and add media without having to learn HTML/CSS or specific CMS markups (such as BBcode or wiki markup).
There are several problems with most RTE packages that somewhat limit their effectiveness - They produce non-standards compliant HTML markup (using FONT tags and Tables heavily), and they are usually a relatively heavy download (~150kb packed). For a site weighing at around 50kb-60kb integrating a 150kb RTE is a painful decision.
WYMEditor attempts to provide a standards-compliant light-weight alternative, that also shows you the type of markup that is being edited (such as Header, Paragraph etc.). It removes the ability to hand select styles such as colors and borders, instead forcing the editor to use style sheets to separate markup from styling. It’s an interesting approach and one that I hope will catch on.
For some more in depth comparison of RTE’s read this overview from Standards Schmandards.
2008 - The Future