Creating a quick and dirty jQuery contentEditable Plugin

Inline editing content is a feature that's novel and highly useful at the same time. I've been using it in a number of admin interfaces to provide very easy and quick text updates to existing content. There are a number of ways to accomplish this but in this post I'll discuss a contentEditable jQuery plugin that makes any content inline editable using the DOM's contentEditable attribute that maintains text formatting in the editable text.