For HTML 4, the answer is technically:
ID and NAME tokens must begin with a letter ([A-Za-z]) and may be followed by any number of letters, digits ([0-9]), hyphens ("-"), underscores ("_"), colons (":"), and periods (".").
HTML 5 is even more permissive, saying only that an id must contain at least one character and may not contain any space characters.
The id attribute is case sensitive in XHTML.
As a purely practical matter, you may want to avoid certain characters. Periods, colons and '#' have special meaning in CSS selectors, so you will have to escape those characters using a backslash in CSS or a double backslash in a selector string passed to jQuery. Think about how often you will have to escape a character in your stylesheets or code before you go crazy with periods and colons in ids.
For example, the HTML declaration <div id="first.name"></div> is valid. You can select that element in CSS as #first\.name and in jQuery like so: $('#first\\.name'). But if you forget the backslash, $('#first.name'), you will have a perfectly valid selector looking for an element with id first and also having class name. This is a bug that is easy to overlook. You might be happier in the long run choosing the id first-name (a hyphen rather than a period), instead.
You can simplify your development tasks by strictly sticking to a naming convention. For example, if you limit yourself entirely to lower-case characters and always separate words with either hyphens or underscores (but not both, pick one and never use the other), then you have an easy-to-remember pattern. You will never wonder "was it firstName or FirstName?" because you will always know that you should type first_name. Prefer camel case? Then limit yourself to that, no hyphens or underscores, and always, consistently use either upper-case or lower-case for the first character, don't mix them.
A now very obscure problem was that at least one browser, Netscape 6, incorrectly treated id attribute values as case-sensitive. That meant that if you had typed id="firstName" in your HTML (lower-case 'f') and #FirstName { color: red } in your CSS (upper-case 'F'), that buggy browser would have failed to set the element's color to red. At the time of this edit, April 2015, I hope you aren't being asked to support Netscape 6. Consider this a historical footnote.
Simply <br> is sufficient.
The other forms are there for compatibility with XHTML; to make it possible to write the same code as XHTML, and have it also work as HTML. Some systems that generate HTML may be based on XML generators, and thus do not have the ability to output just a bare <br> tag; if you're using such a system, it's fine to use <br/>, it's just not necessary if you don't need to do it.
Very few people actually use XHTML, however. You need to serve your content as application/xhtml+xml for it to be interpreted as XHTML, and that will not work in old versions of IE - it will also mean that any small error you make will prevent your page from being displayed in browsers that do support XHTML. So, most of what looks like XHTML on the web is actually being served, and interpreted, as HTML. See Serving XHTML as text/html Considered Harmful for some more information.
Best Answer
I vote for Markdown.
I picked up Markdown in maybe 5 minutes in writing my first response here. Later I learned more than what I picked up here, but I'd think this to be rather standard.
Markdown is much simpler to get good markup out of, and if you're worried about speed just cache the resulting output.
Markdown is often better, and more easily understood, in plain text than HTML is in a WYSIWYG editor. Also, no-script friendly.
And if you've got a user who wants an embeded object, just drop the HTML code from that Youtube video in and it'll get carried over.