I think Macros would be overkill in this instance. As useful as they can be, they would add an extra layer of complexity that would only be used by a very small proportion of users.
Styles are a different matter — they could be implemented with only a small degree of impact on the UI. Word devotes almost an entire toolbar to its styles, but they could just as easily be situated on a single drop down block, easily ignored by users who don’t have a use for them.
The word processor control used by Atomic has built in functionality to handle styles, so it wouldn’t be a stretch to add them. My hesitation up to now has more to do with my own writing use than anything else, but the calls keep coming so I’ll add it to the list.
Your suggestions for SmartEdit are interesting. Highlighting all results in some way does get asked for quite often. I haven’t looked at that up to now because I’ve been a bit put off by some other editing products that turn a document into a multi-colored monstrosity as you parse through their results.