It is fine for smaller simple files but I have had occasions that with some text files it can be really slow to a point that it is unworkable.
Last I was working on a HTML5 game and I copied the base64 encoded version of a font into my file that handled the assets and boy was that a bad idea. The preload.js was just 49KB but one big base64 encoded line made atom choke... Textwrangler or sublime didn't crimp on the same file and opened it in an instant.
Granted my Macbook Pro is old but a i7 with 8Gb RAM should be able to deal with these kind of situations.