Lack of interest WYSIWYG editor: turn :) into smiley automatically

[Erik]

I think it would be really cool if the editor would automatically translate text smilies into their graphical equivalents automatically while typing. There should be a short delay, so if you accidentally type the required characters for a smiley you have time to delete them, but it would be really cool if I was typing out a sentence, and then saw :) nicely fade into in my wake.

This could probably be done with jQuery easily.