+1 on this feature request! It would be even more valuable to me than the image swap/image hosting features I mentioned. I obviously can't speak for other users, but my ideal use case would be setting this up for a client and then letting them fill in the blanks themselves for each new e-mail, so fancy formatting could be set up ahead of time--the clients just want to edit text and have the paragraphs inserted automatically "without all that HTML stuff" :)
We've got Uservoice powered support and so if you have any other suggestions it'd be great if you add them over there so we can better track which features to prioritise.