I'm inclined to agree with you Alan. If the rough edges could be taken off it might attract some more users. Even the IEE forum has threads which degenerate into slanging matches sometimes.

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underline, italic and bold are really useful to convey written nuances when posting- can this be done now?

No underline, but you can have bold or italic, or even a combination of both by inserting the appropriate tags.

The UBB help page tells you how:
https://www.electrical-contractor.net/ubb/ubbcode.html