[yorhel]

Minor downside: You have to ensure that the contents of a {code ..} block have all their open-brackets matched with close-brackets. This can be quite tricky with larger code examples. The bbcode [/code] equivalent is slightly less problematic.

Other than that it looks like a good alternative.

[eterps]

In my opinion all tags should have an optional short/long form i.e.: {code ..} and {code}..{/code}.