The correct way of adding TinyMCE editor to custom meta box textarea?

Since Wp 3.2 a lot of changed to TinyMCE and WordPress and ow I can not find out how to add the Tiny MCE to meta box in Page.

This is how it looks when I am not firing up the MCE
http://screencast.com/t/ECQeyvJYC

And this is when I fire up the Tiny MCE

if ( typeof( tinyMCE ) == "object" && typeof( tinyMCE.execCommand ) == "function" ) {
tinyMCE.execCommand("mceAddControl", false, "templatetext");
}

http://screencast.com/t/muvuD0esJW

So everything is messed up somewhow.

Do you know the solution?

Not sure if this helps but 3.3 introduced wp_editor() for displaying editors.