Well, on one side you have the ultra simplistic "better than nothing" ED, and on the other side there are text editors with lots of features, but which also are quite big in size (200KB+). In between there are not many editors available, and Redit seems to help fill this gap.
Redit is a text editor which is just a bit more advanced than ED, it has proper cut/copy/paste functionality, and it works on any Amiga from Workbench 1.2 to AmigaOS 3.9. It also has a horizontal slider gadget (which ED lacks), and it's only 60KB big.
I have just tested Redit, and I can confirm that it seems to work fine on expanded Amigas as well (A1200 with 68040 CPU & Picasso96 screen).
I'll give it a spin.

Poor ED. It always gets bad press. If its startup file is disabled, it's really fairly functional. In my memory, the most primitive editor I was ever saddled with was Mocrosoft's Edlin utility from Dos.
One of my old Amiga favorites was XDME.