(it also ought to italicize the selection when there's an active selection, but i haven't implemented that yet)
i think this is a superior interaction paradigm to the paradigm where ctrl-i sets an italics mode that doesn't visibly change anything near the cursor, but affects the future text you type. that design not only usually requires more keystrokes but causes mode errors. this is how ctrl-i and ctrl-b should always have worked, and if larry tesler had thought of the idea by 01983, that's how they always would have worked
however, the keystroke ctrl-i is easier to type than the keystroke alt-*