Sublime Text is a really cool text editor with some pretty advanced features like multiple cursors. Here is a link to tutsplus.com free training videos that show off what it can do.  

It's way more powerful than the standard Arduino editor, but it doesn't have things like an integrated uploader or built-in serial monitor. However, I found out that there is a plugin for Sublime Text called Stino that will add all those features, and a few more like Arduino library intelligent code completion which is a killer feature all by itself.

Update 4/11/2014: I re-wrote this and took better pictures for Make.  See the updated version here:  http://makezine.com/projects/diy-arduino-bluetooth-programming-shield/

Works with Arduino version 1.5.5 R2 without any other patches.  Auto-reset works like normal.

Learning CV is on my todo list.  This project is really cool.