The boolean readonly attribute makes the element not mutable (not changable), meaning the user can not edit the control. The difference between disabled and readonly is that read-only controls can still function, whereas disabled controls generally do not function as controls until they are enabled.
Chrome:
Comment. Clickable. Text. Hello.
Comment. Edit text. Hello, Insertion at beginning of text.
Firefox:
Comment. Edit text. Hello. Insertion at beginning of text. [readonly not announced]
Comment. Edit text. Hello. Insertion at beginning of text.
Safari:
Comment. Text. Hello. [Does not announce "Edit" so passes]
Comment. Edit text. Hello. Insertion at beginning of text.