Rather than letting users put in "straight" HTML, which might be abused (eg. huge headings, relocation to other sites, huge graphics and so on), we provide a subset. They are practically the same as HTML, except you use [i] instead of <i>, basically to remind you that you are not coding in HTML.
For example, ezBoard uses "EzCodes" - read about them at: http://www.ezboard.com/intl/aenglish/help/ezcodes.html
These use the square brackets too.
Here is another example, Snitz forums use "Forum Codes" - (http://forum.snitz.com/) they are basically the same, again you use [b] for bold, and so on.
I am not trying to re-invent a slightly different wheel, this idea is well-established already, and in any case, for most postings, a simple use of a small number of codes will be more than sufficient:
[b] bold
[i] italic
[hr] horizontal rule
[code] monospaced fixed format - for computer code
[mono] monospaced for examples of what to type