The web is in dire need of a library correctly reimplementing "form behaviors" (events, mostly) on top of contenteditable, and allowing those behaviors to be applied to arbitrary (to the extent that browser implementations allow) elements on the fly.
edit: just in case, don't take me wrong, HTML forms should stay and I'm an advocate of less javascript everywhere as it tends to be mandated in places where it has no reason to be (and to ultimately decrease usability rather than enhance it), but if you're going to do "edit in place" and rich web applications which require javascript to run — and using the library linked above would probably qualify as you can't do anything without JS enabled and a fairly recent browser running it. And in those cases, HTML form elements tend to be a hindrance more than a help.