I'm all for BBCode. It's reliable, simple, and like Jem said, it is one less thing to worry about. Moreover, I haven't seen many posts on the forums that can't be done in BBCode.
Bugs: Found some kind of weeeeeird template issue. I'm in IE7, WinXP. When my browser is not maximized here, there's an extra column between the forum thread column and the recent links/control panel column. Not a major issue since it fixes itself when I maximize. It just looks funny and I don't usually keep my windows maximized when I'm at work (these screens are sodding huge)


If Planewalker ends up going pure content submission/drupal type, I'd be worried that the official material would be lost -- and both are needed. Searchable content is amazing. I just.. have problems with the engine. I'm not exactly sure why, I haven't looked at it too closely, I'll admit -- but the results I get, are never the results I expect. It sounds like I'm not alone in that sentiment. I don't know if anyone familar with the d20srd site, but if so, take a look.. the entire system reference document, laid out in html and easily searchable. A DMs best friend, if I ever saw one. Applying the same concept to Planewalker would make it infinitely more usable as a source. Perhaps not practical, and surely not really an option for most of the player-generated content, but for the "core"...? More than anything, a guide for new players, or new DMs, explaining how to use the resources that exist, is needed. A 
Re: Input format: I much prefer BBCode to wysiwyg. One less script to go haywire and more assurance that when I put in a linebreak it'll actually show up.
Also, new screen layout in the forums deserves a thumbs up. Much better division of real estate for the material.