Hi Adam,
Yes i have tried that example, if you in that example delete all content, press 'Get html', press 'Attach event', and then e.g. press 'a' in the content window, a javascript alert will popup with <p> </p>, next time you press a key it will popup with <p>a</p>, so it actually shows the text as it is before the key is inserted. If you press delete or backspace the alert is not shown.