Since I bought my Macbook I have been using Text Edit because I don't want to install the Rosetta-ness of Office. I am surprised at how fast Text Edit is; however, it is not fun at all to use. There are not enough buttons to quickly access formatting tools and other goodies. Furthermore the rich text format is just not good. Perhaps that is due to its interaction with proprietary programs, but the real world is built on the proprietary programs.
Text Edit is good for what it should be used for...quickly hammering out text. Its use deteriorates dramatically beyond that.