Well, it seems like there's not a whole lot of text editing options here. You've got bold, italic, and underline. Most other forums I use have font, size, color, hyperlink, image, etc. options, as well as preview buttons. This kind of thing would make the forum more user-friendly and perhaps more used in general.

Quote options are always handy.

I realize it's probably low on the totem pole, but it's something to consider, I think.

Also, remove the restriction on post title lengths, as I now have to edit this one (which is a pain in the ass).

Yeah links need to be clickable. I hate having to select and copy n paste into URL

You can quote using the "Reply" link.  I will add the links click-ability very soon, just have been focusing on other things.  The other things will be looked at too.

Idk if i want a shit-ton of colors, but maybe some other of the other ideas would be good

To be honest, I think all the font colors and sizes take away from the site.  Yes, it will allow more user-control, but it takes away from the professionalism in my opinion.

I agree with evN. 
I can live without the font colors and sizes.