There are a couple, I'm just wondering what the absolute best one is in your opinions?
Does this work with the youtube codes and stuff?
Probably, not sure though.
Edit: Yes it works.

but the main problem is it dont work with mobiles...i to tried,but many of my users are mobile users,and so they complained me abt it
I found a bug with this editor...the quick edit doesnt work...
And the youtube videos dont show up as videos...still code...
And when you click DELETE (the red X between EDIT and REPLY at the bottom), it somehow takes you to the full edit page...
So I guess its not going to be fixed anytime eh...aww man the default editor is really horrible....to make text bolded and coloured font theres sooo much code and it just ruins it...
What is the advantage of this though?
what do you mean? The advantage is you get to make changes without viewing code...to bold something you just bold it like how you do it in microsoft word instead of putting text tags and thats just the basic codes...if you have to do underlines bold and all that stuff it makes the post look very ugly while composing it...
That makes everything easier for the noobs. I personally think if you want to become more experienced you just learn from default and use what you have.