I fought for and again miss the lack of being able to highlight what I would like to point out using color.
Yes there are the tags, but I used to use magenta for bad and blue for good -- kinda like the old days when red meant delete, blue meant add, and green meant change (or at least that's how I remember it). A single color doesn't do this as well.
Old posts suffer from the lack of it being there. A reply that depended on color may look stupid without color support -- much like some posts that relied on now absent fonts now look stupid without the font.
IMO, leave moderation to the moderators. And don't cripple folks who do their damnedest to use the tools correctly. :(