1- This is a commercial script, it won't be free for download.
2- I don't have a definitive answer to this at this point, I think TinyMCE, for now, will do fine, a rewrite might be in the pipes for the future; but i can't find the post where this was said, so can't confirm.
There is no ETA on the download, consider it "not very soon" and more like "Q3-Q4 2010".