in reply to RFC: Monastery Markup Renderer

I believe it is customary to post your code directly in your OP node (inside 'readmore' tags), rather than linking to your scratchpad. I would prefer it that way since the spad tends to be too transient, and I feel like I'm shooting at a moving target :)
I'm aware that it has been done before but I haven't found that code in here, hence I thought this is going to be my first offering to our Dear Monastery.
Can you comment on how your code differs from PerlMonks Editor, from an over-all functionality point of view. Conceptually, do they do similar things?