I have noticed something similar, basically all editing I want to do must be done manually, e.g. I need to actually type the brackets around URLs to create links here (marking something and then inserting the link using the editor box’s Hyperlink “button” remains without result) etc. In my case I think it’s an outdated version of Firefox – the editor window still has full functionality when I use the forum via Opera.
From all I know this might be about Javascript and yes, it started (not just with this forum) for me on 1 July, too.