In Ron Maimon's answer (linked below), he says that we should remove the "gadgets" at the top of the editor. I disagree that we should remove all the buttons, since this is a WYSIWYG editor, however, indeed some of them can go.
So I have set this thread up to discuss exactly which buttons we don't need, etc.
Also, I have noticed that it is difficult to understand all the buttons at first glance. I think some of the icons should be changed or replaced with text.
So, basically, use this thread to suggest changes to the editor.