Good post...
aznjay: To quote the movie Short Circuit: "Need input!"
For safety, I'd recommend encoding all the "<" and ">" so you use "<" and ">" instead. This prevents "</textarea>" tag from stopping the text area input. Put at this moment, I don't know what the data you're trying to display looks like to know if this is a problem.
Verify you can echo $data BEFORE (and outside) the text area and let us know if you get text output or not. If its blank, then you have a problem with your query. If you have data, then you either have a problem with your print statement to dump the data in the text area or you have an HTML markup problem.