I contacted Tiamat Software asking about the subtitle specifications and they were kind enough to send me them. I couldn't attach file to this thread, so I uploaded them into MegaUpload:
Why, why VLC does not show italics in subtitles right? Believe me, it's better to have that .srt-file (SubRip) style (html) <i>...</i> than .sub-file (MicroDVD) style {Y:i}. Most of my subtitles are .sub-files, and VLC does not hide the {Y:i} like with .srt-files, oh no, it shows all of them =(