After reading the comments on this site:
http://www.webresourcesdepot.com/jwysiwyg-jquery-inline-content-editor-plugin/
There is a bit of consensus that jWYSIWYG editor is too buggy (especially in the last few recent comments). Has anyone had experience with it in a large production site?
I haven't run a huge sample of markup through it yet, but so far it has seemed to do the job fine.
I have been using jwysiwyg (https://github.com/akzhan/jwysiwyg) for about 4 months now on several production sites and I have to say that it is the best lightweight wysiwyg editor that I have used. It is small, fast, and reliable. I strongly recommend it for anyone that doesn't need a full-featured editor. If you need to work with complex source code and html markup then this may not be for you, but for business-level users it works very well.
I am guessing that the original question and all comments until here are out-dated. This is a great plugin.