Overall, choosing one of these editors over the other makes for a tough decision. TextPad holds a slight edge in usability and cost (but only by $3), while UltraEdit's feature-set is unrivaled by TextPad or any other text editor on the market. Our recommendation is to download and try out both for the full evaluation period and then go with the one that best suits your needs.
Pros: Quick, powerful, and extremely easy to use; feature-set on par with TextPad's
Cons: Toolbar manager & configuration options could be made more intuitive
