A "third possibility" that exists somewhere between utterly complete and accurate WYSIWYG editing and markup-submit-preview might be live preview.
I've really grown fond of a number of live preview text editors out there for doing HTML. SubEthaEdit, for example, updates the HTML view with each keystroke in the editor.
This should be moderately easy to do client-side in Java, or perhaps even JavaScript. Pop open a "preview" window that instantly shows what the result is going to look like, with some minor restrictions, like not showing the proper state of links, for example.
:::: God told me to strike at Al Qaeda and I struck them. And then he instructed me to strike at Saddam, which I did. With the might of God on our side we will triumph. -- George W. Bush :::: I believe that I am acting in accordance with the will of the Almighty Creator. -- Adolf Hitler :::: Never forget that everything Hitler did in Germany was legal. -- Dr. Martin Luther King :::: Jan Steinman http://www.Bytesmiths.com