Feb 23rd, 2013
The best part about this module is that each role can have a default text format.
Drupal 7 core allows for reordering the formats in the UI, thus picking a default too. However, there is no role based ordering, as there is with the Better Formats module.
For Drupal 8, as of June 21st, 2016, this module is broken. An alternative is to use the Allowed Formats module instead.