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I think that in the editor for posts like these, when you highlight a word or phrase, and click the bold, italic, or underline commands, it shouldn't show the raw BBCode, but how it should look outside the editor.
For example, It wouldn't look like this in the editor:
I know we have a preview button, but I don't see any downsides to implementing this. This could save us page loading, or get rid of the risk of your browser freezing, because you never know.