Mobile computing and blogging is getting more and more important but the modern touchscreen devices don't support fully the "hover event" so this is one the biggest problem you could occur on Android, iPhone and iPad.
Just to be more explicit, You can't edit the documents in web apps like Google Docs (Mozilla Fennec is an exception).
Here's a test on some WYSIWYG and WYSIWYM text boxes with Webkit 3.1 (Android 2.2 version)
As you could notice you have to hold the menu button to access to the soft keyboard and the blinking cursor is not visible.. but it works!
If you need to apply styles like bold, italic,.. to your text is better to use a wysiwym editor.
I tested it on FCKeditor, TinyMCE, on CKeditor and Google Docs this trick doesn't work because there is a check if the browser is supported.