Yes, at OrgPad, we are writing our own rich text editor and if you want to use the DOM approach, you don't have much choice than to do it like this. You can see the WIP demo here (in Czech but it is quite visual): https://www.youtube.com/watch?v=SkFJ1zcRjQY
It is also written in ClojureScript. Some of the reasoning is here (in English, but 3 hours long): https://www.youtube.com/watch?v=4UoIfeb31UU