In reply to M.

I think it makes sense. The real question is whether or not - when putting it into a plugin - they will include some form of validation.

The number one problem I see with the built in editor is the number of times users white-screen their site because they forgot to add a semi-colon, comma or similar.

If by moving it to a plugin enables validation, then go for it.

If it doesn't, then we should just remove the functionality entirely. It's probably one of the most dangerous things in WordPress.