Jordan doesn't allow it, because the structure of the board could be really messed up if HTML was used... just imagine how crazy it could get if people started adding in table rows without outside table tags, or applied internal styles to a tag (especially if the "position" property was added... that could just about ruin the page if someone changed the relative positioning or changed it to "fixed").
Besides easily allowing someone to mess with the formatting of the page, there are horrible security issues that could be exploited by anyone who knows what they're doing. The could load anything they wanted, even add frames, and that's just not something that you want going on.
Hmmm, good point. People really could frames for truly evil uses. People would start designing their posts in Dreamweaver, the place would sure look ugly.