Features absolutely needed:
1. ability to embed images, links.
support for BBCODE will be great.
3. SMILEYS!!! :-(
Good to have:
way of showing posts, seniority, ability to give reps, ability to send PMs (private messages).
also - while formating, the new lines that are seen in the editor are all lost in final view.
phpbb is pretty much a standard. why are we re-inventing?
the character count is good.