Thanks everybody for the valuable feedback. I have played with solution based on the existing HtmlFormatter in order to get text output. Current formatter implementation is so tightly connected to the HTML markup and current user security context that it can bring us a lot of complexity and potential bugs. So, I decided proceed with very, very naive find-and-replace formatter that should cover major cases. It's definitely not perfect but can be improved later. So far, search output looks quite better to me.
Please, try and comment. Regards, Andrej
