If you're concerned about user entering server-side executable code, you should obviously not do any type of eval() on that text and you'll be fine; even if the user enters something like:
<?php rm -r -f \*; ?>
It's not going to actually be executed.
If you're trying to prevent the user from using ANY HTML, you might consider they still want to use some HTML coding to talk "about" HTML coding (like I'm doing right now) - so htmlentities would be just fine.
Striptags() works great and you can allow for some tags to remain - see the php docs on this. However if you're having to do striptags when the user types in a table, you might have an unhappy user if you don't clearly say layout html like tables and divs is not allowed.
Just a few thoughts on this.
Samuel