I like how Wordpad never comes up in this discussion. In theory it can do everything notepad can do but even better, but it has one deadly misfeature that prevents me from using it regularly. In notepad when you drag a file onto the window it opens the file. In Wordpad it embeds a link to the file in your document, a feature that nobody has ever found useful. It means you need to use the File->Open dialog and navigate to your file, which is much clunkier than dragging and dropping it into the window, so we continue to use notepad even though it isn't very good.