Andy,
The other effect of course is that it prevents outgoing HTML posts.
Lesson learned!
I minor technical point, but it isn't so much that it controls outgoing posts, as that a posting made on site is handled as an incoming post, up to the point where it is approved (or posted, if it doesn't need approval).
So the web interface hides the formatting controls as they could only cause confusion when the message posted without formatting.
Shal
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