Just as you have the ability in this Details box to format your fonts with bold, italic, bullets, numbers, etc, we would like to be able to do in our project and task details, as well as custom forms.
Agreed... it would be easy to add JavaScript control (like the one at the top of this textarea... the one where I'm currently editing & formatting this comment)
Some other suggestions...
make the edit box area larger or make it resizeable
add a `dirty` flag that prevents losses while editing the field... I don't know how many times I've lost my changes because I've changed the status field before saving the changes in the task details. The `dirty` flag should prompt the user about unsaved changes prior to reloading the page. Alternatively, make updates to the status field via JSON so that the page does not neet to reload.