Converts <b> and </b> to <strong> and </strong>, and <i> and </i> to <em> and </em>. It works in the non-editor view (normal view) of the posts, pages, and comments.
HTML Techniques for Web Content Accessibility Guidelines 2.0 recommends that strong and em should be used to denote emphasis instead of b and i. This is because screen readers (used by blind people, etc. to browse the web) process only strong and em, not b and i.
Additionally, the b and i elements were deprecated in HTML 4.01 and XHTML. This plugin corrects these deprecated tags without modifying your data. (If you uninstall the plugin, your blog works as if this plugin was never installed.)
Screenshots
Some posts, pages, and comments still use b and i tags, unfortunately.
When viewed in a web browser like Firefox, it looks the same.
However, the HTML source shows that the tags have been converted. E.g., if you are using Firefox, you can go to View > Page Source and see the changes.