One single note about current editor init code in lib/editor/tinymce/lib.php:
'plugins' => "{$xmedia}advimage,safari,table,style,layer,advhr,advlink,emotions,inlinepopups,searchreplace,paste,directionality,fullscreen,moodlenolink,{$xdragmath}nonbreaking,contextmenu,insertdatetime,save,iespell,preview,print,noneditable,visualchars,xhtmlxtras,template,pagebreak,spellchecker",
These red plugins are useless - safari plugin has been needless since tinymce Version 3.3b1 (2010-01-25) when safari code was moved to core code of tinymce and loading these other plugins is waste of time because these plugins are otherwise useless and could be removed from default init code
Theme designer mode (enabled) makes loading separate css files and javascripts a little slower than the case when theme designer mode is disabled - particularly in IE - but sometimes it looks like also Apache had some problems with loading various files (Apache stops responding occasionally when there are lots of files to be loaded?)
Regarding the usability of editor we discussed about number of buttons and plugins in http://moodle.org/mod/forum/discuss.php?d=130470 and I tested yesterday using userpreferences with editorswitcher the same way as Sam added style body class changes to Splash theme and I tested also a jQuery plugin for changing visible rows of toolbar (the famous WP 'kitchen sink button'). I know what people say about jQuery but... the growth of rows of yui code is remarkable...