This is an important post by Dave Winer.

Here’s what’s needed to make that work and then why it’s important.

1. Links.
2. Styling — bold, italic, lists, subheads.
3. Enclosures — for podcasting.
4. Titles — lots of blog posts have them.

[…]

With these four features, we’d have a baseline, and I think some very cool stuff would happen both inside Facebook and on the open web.

– Dave Winer, What bloggers need from Facebook