Since you can't vote on your own posts, why would the "update post" form not be separate from the "reply posts / voting" form?
(I'm not basing this on the layout as seen on screen. I know that CSS can move elements to places other than where they would appear with out CSS. It just seems to me that it should be possible to keep those 2 functions in their own forms.)
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Posts may use any of the Perl Monks Approved HTML tags. Currently these include the following:
<code> <a> <b> <big>
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Want more info? How to link or
or How to display code and escape characters
are good places to start.