I find the following very useful and simple.
( BTW $output is a parameter)

xml:

John <alt executive="is creating" other="has created" another="will create"/>
a new product.

xsl:

   <xsl:template match="alt">
     <xsl:value-of select="@*[name()=$output]"/>
   </xsl:template>

But I cannot put any markup in the content, like if I want
John <i>will</i> create a new product.

Any suggestions?

-- 
Eric Smith - currently using xalan and xsltproc - what a difference speed makes - and fop on linux

 XSL-List info and archive:  http://www.mulberrytech.com/xsl/xsl-list