Well this is one of the first scripts I ever wrote, but it seemed to have caught on in the private server community.
It's a simple world chat command which features faction-colored tags as well as class-colored NameLinks so players are able to interact with the person talking just like normal chat.
The config option at the top is there if you only want messages in this chat to go out to that person's faction rather than everybody. For this feature to be enabled change FACTION_SPECIFIC 0 to FACTION_SPECIFIC 1.
Preview of tags/colors:
Player: [Horde] or [Alliance]
Moderator/Trial GM: [Mod]
Give Ghostcrawler a thanks for keeping this updated :)