A few days ago, I learned about a lighweight console editor I had never used before. E3 is a very small and lightweight editor that can emulate the most important keyboard shortcuts used by VI, Emacs, Pico, Nedit and even Wordstar.
I think I haven't used Wordstar since 1980's and I doubt there are many geeks around who still want to use Wordstar's keyboard combinations. I would rather have an editor that emulates WordPerfect 5.1 but I suppose that running WordPerfect in Dosemu is the only way to get a decent console mode word processor.
In case you are not looking for a console word processor but a simple text editor to quickly edit a few configuration files or maybe a LaTeX source you might find that e3 provides everything you need.