I'd like to see italics coming but not as a colour code, keep it to another code or replace reverse text, which has no purpose, you can ctrl-k0,1 for that.
i would be all for other formatting options including strikethrough. there is no reason to think it will be "abused" wtf... if you don't like it strip it. Lots of people do like olours/bold etc and there are entire networks devoted to ascii art etc in IRC.
Like most of the ideas on here, give us the option of italicised text. That way those who want it can use it and those who don't can turn it off.
btk
