Will the new version of Vanilla Forums have this type of WYSIWYG, if so, how can I get the old version of WYSIWYG, that uses HTML coding or is this a plugin that is displaying Markdown to make text bold, display hypertext links, ect?
Vanilla has always had HTML, Markdown, and (simple) BBCode formatting methods built in. The ButtonBar plugin we're currently using here supports all of them. We've simply set the site's formatting option to Markdown.
Is there some way to switch back or if you switched back that would affect everyone?
It's an all-or-nothing setting for the entire forum, not per-user.