The WYSIWYG module is my favorite for rich text editing in Drupal 6 and Drupal 7. (In Drupal 8, WYSIWYG is in core.) Here's how I set it up.

For Drupal 8, adds the ability to add CSS classes to link fields.

This module, in a basic sense, allows the title to be an actual Drupal field. This comes in especially handy when doing translations, as titles are not translatable in core.