Here is a list of some of the better web based text editors.
TinyMCE Free
Xinha Free
FCKeditor Free
Asbru Web Content Editor 6.0.17 $$$
DevEdit $$$
edit-on Pro $$$
EditLive $$$
eWebEditPro $$$
eWebEditPro+XML $$$
QWebEditor $$
XStandard Paid and Free
When you are building a publishing tool or directory script, the text editor matters more than people expect. A good editor makes it easier for users to format content without touching HTML, while a bad editor creates support problems and messy output.
This list is a starting point for comparing the options that were available, including free editors and more commercial tools. The right choice depends on the project, but the goal is always the same: make writing easier without making the saved content harder to manage.