This module integrates the excellent HTML5 "true WYSIWYG" editor Aloha Editor) with Drupal.
The WYSIWYG ImageField module is an inline image management tool for the WYSIWYG module based on the ImageField and Insert modules with an IMCE-esque image library provided by the FileField Sources and Views modules.
The following should give WYSIWYG functionality to TinyMCE so the the editing session reflects how the text will look when published.