Basic text editor & formatting options

I guess it would be good if you guys can add basic text editor features in comments, descriptions, etc. fields which can allow users to do formatting easily.

It is always easy for users to click a button on the toolbar and make the selected text a hyperlink instead of remembering shortcuts or click bubble and see what combination to use. Similarly, selecting text and simply clicking Bold, Italic, etc. options in toolbar and formatting text is simple instead of remembering to prefix and postfix '*' to make text look bold.

These are some very basic things which should be handy on fields where user has to type.