Powerful Browser-Based WYSIWYG Editor II

I think I like this one even better! Additionally, it’s free:

TinyMCE

TinyMCE is a platform independent web based Javascript HTML WYSIWYG editor control released as Open Source under LGPL by Moxiecode Systems AB. It has the ability to convert HTML TEXTAREA fields or other HTML elements to editor instances. TinyMCE is very easy to integrate into other Content Management Systems.

It even has an example that shows you how TinyMCE can auto convert/cleanup pasted Word content!

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Here is a neat list of other editors, too. Most of them are not free, however.