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As long a human operates the text editor, also gap buffers are far overkill in modern CPUs. A string copy with a new char inserted per keystroke is just fine and nothing the CPU notices. If its WYSIWYG we are talking about, you want to concentrate on optimize (re)flowing instead, since I can tell from my WYSIWYG coding adventures, most of the time is spent there.
But then you hhave Find/Replace, macros, etc. - not all are human operations.
Then there is memory/speed tradeoff.Last month I had to find/replace something in a 200mb text file - did it in SciTE and emacs (~22.4). Emacs stayed on 200mb, SciTE went to ~2gb, but SciTE finished first (10x faster)
But then if I had to do this for 400mb, Emacs would've finished, SciTE would've run out of user space (~3.5gb on Windows 7).
Then I realized that all I needed was sed, instead of doing it through the editor.