It sure does :-/
Problem is that there are 15 in-house editors and over 100 freelancers all writing articles and, in the main, their weapon of choice is Word. To get them to all strip formatting isn't going to happen so I need to find an HTML Editor that will do it before they upload their pasted documents.
xStandard did this nicely by converting the pasted text/formatting into plain text with no formatting whatsoever - but it falls over on a couple of the other requirements.
edit: What Cam said

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