Well, I should have known better, but I was just excited to make a first post. Sure enough .Text doesn't render the post box as a WYWSIWYG editor in FireFox so my first post was one big ass paragraph.
Opened IExplorer through Start->Run to bring up what I consider the crappiest browser (yet most popular) at this time. Sure enough, as I post through it, I'm able to see all the formatting options on the top of the IFrame. Hopefully the guys that built this put the box into a single point so maybe I can just go and implement the FCKEditor which happens to be cross-browser, and free.
I'll keep myself :) posted on how this goes.