I get sort of the same feeling, these days, from Apple's Pages, though I'm not sure whether that's true. (Looking at the copy of it I have sitting around, the application bundle is 418MB, with 344MB of that being taken up by the Resources (icons, UI elements, translation strings) and SharedSupport (themes, templates) folders, leaving the app itself sitting at ~75MB. Not too bad, I suppose.)
One thing I think more people should consider, though, is how much of what they use a word processor for that could really just be accomplished using a rich text editor such as WordPad or TextEdit. Now those are light programs!
(And honestly, limiting yourself to unstructured rich text for the composition stage of a document is probably for the best. It keeps you on task, for one thing. But beyond that, anyone who has only used word-processors is missing out on the extremely natural workflow of separately doing your composition (in a rich text editor) and your document layout (in a desktop publishing program, like Publisher or InDesign) and then taking the finalized rich text and linking it to a text-region-chain on the layout document. It's so much easier to make your document look good when your text isn't changing any more.