It can vary depending on the CMS in question. The more common (from my experience) that they use a plain text format similar to what MacRumors uses on the forums. Text that is marked up uses the [ ] brackets rather than the < > brackets. So you may have [ B ]bold text[ /B ] that would show the text as bold (extra spaces added inside [ ] brackets so MacRumors didn't really make it bold). This way the content and some styling can be stored in a database, which generally handle plain text very well.
Some CMS's probably handle storing HTML, but that generally means the CMS has to ensure no malicious code is being stored (dang untrustworthy visitors), which can take some effort.