this one is fair ... except that if you look at the bottom right corner of the window you can make it bigger
2.) Uploading screenshots
5.) Change Font Colors
And how often do you really do these things? Seriously I'll bet that most replies use basic text. It's only a few that you need advanced features for and for those few what's a few seconds to click that button.
This way things aren't being cluttered up ... AND SLOWED DOWN ... painting a bunch of crap that's not used very often.
Lets face it, sitepoint is a huge forum with a lot of people and a lot of traffic. They probably save a BOAT LOAD in bandwidth costs by NOT putting up the advanced editor for every person every time.