What will be inserted into the db under the various settings? Always the exact string the user wrote, or the resulting string?
Preformatted should stay but perhaps we can call it "fixed width" instead... I think that is more telling of what it does.
Perhaps we could have a bunch of formats to pick from via a kernel param... The more options we have available, the better it is, IMO - as long as the administrator can decide which ones to offer the users.
