Save Text button will take away all editing within the textarea div container and set the text as regular html on the page.
Edit Text will return all editing within the textarea div container and you will be able to change the text as if it were in a textbox or textarea (well, getting there anyway).
Changing the font size is doable but buggy at this point. When you trying to return to edit mode on a text area with multiple sizes, it messes up. it's a "known issue".
Save page will simply strip the buttons away from this page and editing away from the textarea div container and update the database from which this url loads. http://www.portlandwebdev.com/savepage.php
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