This would allow us to push sanitization out to the edge where it is supposed to be. It was suggested that this is how bing is internally handling highlighting.
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Nice idea. This also has advantages for clients that cannot render HTML easily, such as mobile apps.
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Specifically, see "Hit Highlighting / Bing": https://msdn.microsoft.com/en-us/library/gg447081.aspx
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This was done some years ago, it's marked as T173172. This seems to be effectively the same ticket.