I got tired of using the older version of Subethaedit just for its OCaml syntax highlighting mode, so I ported the highlighter to the latest version of the editor. You can grab it from my projects page.
I think the only thing Subethaedit needs for perfection would be to be able to revert to a saved version more reliably; right now if I CVS commit a file, I need to close and re-open it in the editor or else the next save goes wrong. That, and a clean tabbed view for multiple document. And ... and ... I guess the list goes on, and it'll just be bloated like crazy!