Edit: this script now lives on StackApps.
Since this request is declined and Jeff is unlikely to be swayed by a bounty, I have written a GreaseMonkey script to add this functionality. I've added Ctrl+B and Ctrl+I support. I agree that it would be a good idea for this to be incorporated into the base code, but I guess it is not a high priority.
My script doesn't work exactly the same as the question/answer text editors, but it's similar. One difference (which I think is an improvement) is that hitting Ctrl+B when no text is selected just puts **
in the window, as opposed to putting **strong text**
with "strong text" selected. This means you can use the shortcuts like you would in a word processor: hit Ctrl+B to enter bold mode, type what you want, then hit Ctrl+B again to back out. (Actually upon further examination, the question/answer text editors behave similar to this, I'd just never tried it.)
If you find any problems, please leave a comment here and I'll look into it.
Install script (requires GreaseMonkey)
View source
Update History
* 2009.07.28 - fixed buggy detection of ctrl key, used much better built-in "ctrlKey" attribute of keypresssed event object.
* 2009.08.16 - added Ctrl+K (backtick) support.