An edit post button. No more 30 second wait before posting again. Easier to use italic and bold controls (Like, say, putting a word in-between 2 *s makes it bold, rather than pressing a bold button.)
As far as editing and stuff goes, I agree, but they have to find a format for the forum that would let them do it. The 30 second thing should remain as to reduce spamming, and I think BB code is pretty much the easiest you can get.
It would be cool to have different colors of text though. To Elaborate, forumers should be able to pick a color, so if I wanted to post this text in red, i can. They can still have that particular shade of blue for mods and admins only, but different color text would be pretty cool
We won't allow users to post in color. It helps differentiate users from mods/admins. And there's no easy way to control which shade of blue someone's going to post in that will look too similar to that of a moderator, so we're just going to avoid that altogether.
As for the other suggestions, GoM got it. I've also seen /slashes/ used to italicize text. Again, since we don't know which forum engine we're using, we aren't going to elaborate on features that could or couldn't be implemented.