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I won't claim I have any authority in that field, because I haven't. I have no real experience in programming (other than some scientific samples in fortran). But two thoughts occur to me:
1. Isn't that roughly what the recent patent conflict with MS-Word was about?
2. Wouldn't you need a too large "byte" size for the format string? It's simple for just italic and bold, but how do you store bold-italic? How do you store bold, italic, underlined, red and large size? If your goal is supporting only basic stuff (like just bold and italic) then it's probably fine, but I suspect almost any other alternative would be equally fine...
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