Quite a few people are bemoaning the lack of smileys and ways to post images, alter text etc on the message posting pages.
In actual fact this is now all under your control, whether you wish to use a fancy editor or not
If you visit Edit Options
on your user control panel (user cp) you can alter the text entry box from a basic entry to either
Basic Editor or
Standard Editor with extra controls (which I'd recommend for most users)
or Enhanced WYISWYG interface.
The board is set to basic editor by default to keep it simple for new users and also to decrease the load on the server sending fancy interfaces to the vast majority of people who don't post - but you are encouraged to use whatever settings suit you best.
All but the basic editor will give you access to the extra functions