What do I really want from structured text for a CMS?

My wish list, in a rough order of importance:

Given my predisposition towards nested lists, perhaps the best overall way to drive the formating from text would be indent-driven. In the same way that python derives block-structure from indenting, so could my structured text. It's not exactly original, but it's the way that seems to sit best with my requirements.

Update: 2004-03-15I've finally released the code for my PHP Structured Text.