Sorry for the confusion-
The editor works fine and shows all the formatting while you are within the editor and are uploading the original product description for a review thread. The problem only occurs after you upload/submit it. All the formatting is lost when you go back and view it. So, bold, italics, lists, etc are all lost. Basically it's a wall of plain text and very hard to read if you want it to include a lot of information. If I "Edit Product", then the formatting is still there in the editor.
On a related note, is there a way to increase the size of the tiny WYSIWYG editor for the product description as you are uploading a new product?
I haven't tried to add a review yet, I'm just talking about the original upload of a product at this point.