I have enabled the "Tiny MCE" editor. It is supposed to give a simple and easy way to create rich text content. In other words, when editing a story or event, you can just highlight some text and add bold or underline. So it's a what you see is what you get (WYSIWYG) editor for simple text things. It's fun. Try it out on your own blog today
I think it's only turned on for certain users.