There is an intresting article about Web based Rich Text editors posted on the BulletProof site. Here's small excewrpt from beginning of this artivle
Despite the seemingly increasing amount of ready-made CMSes available these days, many of us are still required to develop custom solutions. One key part of developing a CMS is enabling clients to format their own content, so here we’ll look at the best 3 web-based rich-text editors as well as how to embed them directly into your CMS’s pages.
Source: BulletProof.
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Personally I'm prefer tinyMCE. It has good docs and good community