I've just completed my initial build of an open source Visualforce component for rich text editing. When used inside Visualforce pages, the end user will be able to apply things like colors, fonts and alignment to their text as well as add bulleted lists, images, links and flash. This is ideal for those "description" long-text fields that we see so often today. See below for a screenshot of what this would look like:

Before you give me too much credit, I should say that's it's based on an existing open-source editor called fckEditor written by Frederico Caldeira Knabben. I tweaked it and built a Visualforce component wrapper for it so it's as easy as adding <c:RichEditor value="{!account.Description}"/> to your page.

I've published the component to Code Share and linked that to it's cooresponding Google Code project. You can download it from there. If there's any issues or you have any feedback, please use the Google Code project to submit it. Enjoy!