Yes, this is a good idea. For this I need to keep the list of module authors in the database something I am not doing currently. For now you can subscribe for e-mail alerts for all of your modules which might be a pain for those who have lots of modules. (But maybe they can code something that will do it for them. ;) Anyway this should be in the TODO list.
Formatter ? Do you mean you also want single <p> tags or are you talking about how it looks after submitting ?