nice review of WYSIWYG editors: wymedito, jwysiwyg, nicEdit, widgEditor, whizzywig, xstandard, YUI editor, FCKEditor, HTMLBox, WMDEditor, markitup.

Info : WYSIWYG Editors

In short, htmlbox is best currently, NowPublic will contribute back numerous fixes and will deploy it on its production servers tomorrow or so. Research done mostly by Balázs Nagykékesi for NowPublic.

• wymeditor supports IE6+ and Gecko browser. Opera support is experimental, and Safari is not even listed currently.
• jwysiwyg still has to improve a lot. I've tried the demo version ( http://projects.bundleweb.com.ar/jWYSIWYG/ ) on Firefox and it was sort of disappointing, with a single enter more than one enter was inserted, i could not switch off the bold tag. Anyway, it's only at version 0.3.
• nicEdit seems very promising but it still needs to improve in my opinion. 
  Demo: http://nicedit.com/demos.php
  
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Courtesy : http://drupal4hu.com