Don't fret guys, the ability to embed flash videos into your forum posts is on the chopping block right now. It would have been finished sooner, but when Paul started to try and fix that one he uncovered a couple of other problems (like this nice editor not working in IE) that he has fixed. So the editor actually should be working in IE later today!
The embedding of flash video is the next task on hand, so hopefully if all goes well Paul should have it functioning in less than a week!