Three problems noted.
1. Including control characters in the text being sent through add event message causes a blank line to be displayed instead
2. Inclusion of control characters for bold etc that are a de facto standard on pretty much all clients do not work either when text is sent through AS via the add event message, or when shown in the channel by other clients.
3. Sending a blank variable to the add even message causes an error
I didn't check to see how "send message" handles this
Demonstrated in the following lines
tell application "Colloquy" to add event message (ASCII character 2) & "hello"
tell application "Colloquy" to add event message ""