I agree updating the email editor should be a top priority. Trying to design a nice html email to send out is like pulling teeth! (My own!)
I've made some nice templates using CSS but the editor does funny things with it. The latest is it puts LOTS of extra lines in the style sheet. So many lines it bogs down the whole system. I've not tried using an external style sheet, actually just thought of it while typing this. Got to go try it.

If you use old-fashion tables, you can still create a fairly nice html email. You should be able to use columns, borders, and images. It helps if you know html. But you should still be able to create one even if you don't know html, might take a little more time. Which isn't what most of us have a lot of.
Hope that helps.
Deborah
www.infusionsoftconsultants.com