CounterBalance 1.0 Plugin: Beta Testing Please

In response to a number of bugs in Mosquito and some discussion on the wphackers mailing list, I’ve created a plugin that does a better job of balancing incorrectly nested tags than WP’s built in one. The post is modified one time after creation or editing, instead of trying to balance the code each time it is displayed.
I’ve gone through a set of test cases and no text was lost at any time, so I’ve decided to release it and see what people make of it. Simple installation, copy the file into the plugins folder and then activate from the Plugins menu. You should see text under the post content field to let you know that the text will be balanced.
For the time being, please don’t use it on any sensitive work. The code is only called when you explicitly edit or publish, so existing entries won’t be affected, but even so it should be used on test posts only. Probably the best way is to just create a test post and “Save and continue editing”. That way, nothing goes public!
If you find any inconsistencies or errors, could you send me the source text, the actual output and, if possible, what you consider the correct output to be. Email address is in the plugin file. Cheers. Props to Scott O’Reilly (coffee2code) for ideas and discussion on the subject!
http://www.jamietalbot.com/wp-hacks/counterbalance.zip
View colour coded source at:
http://www.jamietalbot.com/wp-hacks/counterbalance.phps
Any comments gratefully welcomed, hope it can help someone out.
Jamie.