Real-time preview of node/form in Drupal 7 I'm trying to achieve this in Drupal 7. This is what I need URL for working example (But its not in Drupal).
Requirement - Live Preview with alignment features

From Drupal.Stackexchange I've came across this post 29325 where the user is trying to achieve the similar thing there its mentioned about the Drupal's Live Module but as the description page of the module shows yet its not made up for Drupal 7 and I'm sure this will not fulfill my requirement.
Question:

Rather than Drupal's Live module, is there any other module available?
Can any of the JS/jQuery plugin or library or framework can fulfill my above mentioned requirement?

Note

I've created the left/side panel form using the custom content type hence now, if I can achieve this live preview using some JS plugin/library also then I'm fine with it as I can see that no Drupal module is available for this!
I have started development of a module - Live preview which might be more along the lines of what you're after.

This module provides a more comprehensive, genuine and interactive version of the built-in node preview feature.
The live preview feature requires JavaScript; if JavaScript is disabled it will not apply its triggers, effectively retaining the built-in preview.

It hasn't yet reached a stable release, but it's worth checking out (-dev version should work just fine).