I probably didn't explain that well. There are plenty of non wysiwig markdown editors out there. The appeal of this demo is that you're editing the markdown source through a wysiwyg editor. However, with this demo, there are two authoritative sources of content, the html in the contenteditable, and the markdown. I'm arguing that there should only be a single authoritative source of content; and I'd like that to be markdown. I think it's possible, though difficult.
You could treat the HTML version as temporary and Markdown as "master". I was considering to do the demo that way - having the original source in the Markdown textarea, and generating the HTML from it before loading the editor.