I'd love students to be able to use italics, underline, bold, and add blockquotes and images and html embed codes (Youtube iframes, etc) in their forum discussions. These enhance the forums while also enabling students to practice style and correct conventions.
Funny how in Web 1.0, this was the norm--but it's dropped out of the "social" Web 2.0 so much, and that's a shame. "Likes" and "badges" are great, but to me the literacy of formatting and presentation--headers, superscript for footnotes, etc--is far more important.
So please add a rich text option to student discussion posts?