I looked at this a bit. It swaps in an instance of the CKEditor for the Leo body editor. CKEditor is a commercial product whose most basic level is under the GPL2 license, and so can be used at no charge. It's written in javascript and runs in a browser. It's a WYSIWYG )(rich text) editor. The plugin loads the Qt browser QWidget, loads the CKEditor code, and you can edit your node in full WYSIWYG glory.
The plugin should be pretty easy to get working again, and it does not use the nested splitter. One thing to know. It depends on an HTML template file to load the CKEditor and the body content into the Qt widget. That template file exists in Leo's plugins directory but it's not in LeoPyRef.leo. It's named cke_template.html.
Using the CK Editor, if you edit a node with it, when you save the node will become a rich text HTML file (depending on how you save it). It won't be an ordinary text node any more. You would have to view it using the CK Editor mode - or I *think* that VR3 would render it but this is not tested.
No, I'm not volunteering to get this thing working either. But it wouldn't take much, I think.