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This...really isn't that great. We've had editing with live preview for a while now, even with things like Markdown and WikiCreole. This doesn't even have any features like you would find in a programmers' editor like autoindent or inserting a tab/spaces if you press TAB. Also it uses frames.

It could be a satire, though.

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You can't be serious in suggesting this is a satire. At worst, somebody created something that isn't as good as something else or somebody posted this to Hacker News not realizing there was a better alternative.

Which alternative(s) are you thinking of? From doing a quick Google search, http://www.htmlinstant.com seems a little nicer in that it includes some formatting buttons, but it isn't as fancy as what you described.

The OP's script can be refactored to half a line of JS. Not exactly HN worthy.

The author hasn't made any bold claims about its functionality or purpose. It is what it is.

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