The best thing to replace that is markdown.
People don't really grok tags very well at all.
BBCode only works because of WYSIWYG editors that do the work for the user. That and the wide acceptance meaning that sites like Flickr produce BBCode embed statements.
Markdown works well for people just typing in plain text but still getting something formatted without trying to tag things.
If you have a WYSIWYG editor then who cares whether this is used... and as the embed stuff isn't compatible why pick this over BBCode?
If you don't have a WYSIWYG editor, and assuming you're in a web page and a textfield, then markdown works superbly well (ignoring the ugly image syntax).
I struggle to see, given the title and mention of BBCode, how the linked article overcomes any of the issues of the existing methods or offers any benefit.
Not to say that there isn't a place for this... but BBCode isn't it.