• Here's a page describing the differences (basically you can put html into a <button></button>)
• And another page describing why people avoid <button></button> (Hint: IE6)

Another IE problem when using <button />:

And while we're talking about IE, it's got a couple of bugs related to the width of buttons. It'll mysteriously add extra padding when you're trying to add styles, meaning you have to add a tiny hack to get things under control.

^{Note: This is an updated answer. Comments below refer to an old version which messed around with keycodes.}

JavaScript

Try it yourself on JSFiddle.

You can filter the input values of a text <input> with the following setInputFilter function (supports Copy+Paste, Drag+Drop, keyboard shortcuts, context menu operations, non-typeable keys, the caret position, different keyboard layouts, and all browsers since IE 9):

// Restricts input for the given textbox to the given inputFilter function.
function setInputFilter(textbox, inputFilter) {
  ["input", "keydown", "keyup", "mousedown", "mouseup", "select", "contextmenu", "drop"].forEach(function(event) {
    textbox.addEventListener(event, function() {
      if (inputFilter(this.value)) {
        this.oldValue = this.value;
        this.oldSelectionStart = this.selectionStart;
        this.oldSelectionEnd = this.selectionEnd;
      } else if (this.hasOwnProperty("oldValue")) {
        this.value = this.oldValue;
        this.setSelectionRange(this.oldSelectionStart, this.oldSelectionEnd);
      } else {
        this.value = "";
      }
    });
  });
}

You can now use the setInputFilter function to install an input filter:

setInputFilter(document.getElementById("myTextBox"), function(value) {
  return /^\d*\.?\d*$/.test(value); // Allow digits and '.' only, using a RegExp
});

See the JSFiddle demo for more input filter examples. Also note that you still must do server side validation!

TypeScript

Here is a TypeScript version of this.

function setInputFilter(textbox: Element, inputFilter: (value: string) => boolean): void {
    ["input", "keydown", "keyup", "mousedown", "mouseup", "select", "contextmenu", "drop"].forEach(function(event) {
        textbox.addEventListener(event, function(this: (HTMLInputElement | HTMLTextAreaElement) & {oldValue: string; oldSelectionStart: number | null, oldSelectionEnd: number | null}) {
            if (inputFilter(this.value)) {
                this.oldValue = this.value;
                this.oldSelectionStart = this.selectionStart;
                this.oldSelectionEnd = this.selectionEnd;
            } else if (Object.prototype.hasOwnProperty.call(this, 'oldValue')) {
                this.value = this.oldValue;
                if (this.oldSelectionStart !== null &&
                    this.oldSelectionEnd !== null) {
                    this.setSelectionRange(this.oldSelectionStart, this.oldSelectionEnd);
                }
            } else {
                this.value = "";
            }
        });
    });
}

jQuery

There is also a jQuery version of this. See this answer.

HTML 5

HTML 5 has a native solution with <input type="number"> (see the specification), but note that browser support varies:

• Most browsers will only validate the input when submitting the form, and not when typing.
• Most mobile browsers don't support the step, min and max attributes.
• Chrome (version 71.0.3578.98) still allows the user to enter the characters e and E into the field. Also see this question.
• Firefox (version 64.0) and Edge (EdgeHTML version 17.17134) still allow the user to enter any text into the field.

Try it yourself on w3schools.com.