I'd like to suggest HTML Purifier (http://htmlpurifier.org/) It doesn't just filter the html, it basically tokenizes and re-compiles it. It is truly industrial-strength.
It has the additional benefit of allowing you to ensure valid html/xhtml output.
Also n'thing textile, its a great tool and I use it all the time, but I'd run it though html purifier too.
I don't think you understood what I meant re tokens. HTML Purifier doesn't just 'filter', it actually reconstructs the html. http://htmlpurifier.org/comparison.html
