The lack of an inline code format is a minor nuisance, but the lack of code blocks is very annoying when you want to post code that contains a url, or tag-heavy code such as xml.
Since you can't put code in a code block, urls and xml tags will be subject to automatic mangling by the forum which at best means the code can't be used as is and at worst means that the original meaning of the code is lost.
This problem isn't helped by the fact that edits are not allowed to comments in the bug reports subforum.
I think this is an especially bad look for the Connect IQ Bug Reports forum.