I tried Sublime Text a few months ago, but shelved it in favor of the old standby Textmate. Yesterday, I installed Sublime again when I was reading a really good programming tutorial and the author recommended it.
I guess the first time I had tried it, I really didn't know where to look for the cool stuff. Now I know, though: all the cool stuff is in there.
Although it's not as lightweight as Textmate, it's lighter than BBEdit, and it's faster than either of those by a lot. It's not much slower to load than a console editor like nano. Seriously, I have no idea how the developer does it. The speed alone is such a huge deal, I would put up with some missing features.
But there really aren't any missing features. Sublime doesn't break my Cocoa emacs-style bindings. Furthermore, it provides keystrokes that let me do Emacs-style text selection, AND a "vintage" mode that provides modal style selection/editing a la vim. (I can't evaluate that mode, though; I came out of the Emacs camp of the Great Unix Editor Wars.) It supports textmate bundles and themes. It supports highly complex preferences and keybindings, because the configuration is all done with JSON files. (If you like a nice GUI for your settings, you are admittedly out of luck. But this is, of course, a programmer's editor.)
And then, there's the sui generis features that Sublime brings to the table. There's a little "minimap" over on the right that shows the user where s/he is within the file, which is nifty, but not really a game-changer. And there's the Control Palette, which allows users to manipulate settings and open files (even locations WITHIN files) all from a preposterously speedy fuzzy search. That one IS a game-changer.
This program is just sick. It's got so many features, it's just GOT to be bloated and slow, right? No, somehow it's the fastest GUI editor I've ever used.
I haven't checked out Textmate 2 yet; I'm waiting for the dust to settle. Certainly, that long-awaited update will have to be a big, big improvement over Textmate 1.5 for me to switch back from Sublime Text 2.