Editing the New Basic card+discussion
You are right that before you save, the new card isn't a card so you don't have the menu. Once you save the card, then it will have the menu (but the menu wouldn't let you adjust the width anyway).
The width of the label and field columns on new cards (and formatted cards) is set in CSS and you are free to edit that as you like. A quick look with Firebug shows the relevant selector as being "fieldset > legend".
We would also like to have a better text editor (see explore alternatives to TinyMCE). Occasionally we look at the alternatives to TinyMCE, and it continues to be the only one that is cross-platform, or at least the only one that has needed features. Coding our own is of course an option, but there is a long list of more important needs as we see things.
p.s. Some people like white space, and consider it an important element of design. Of course opinions vary, and you are free to change it via CSS as I wrote.
p.p.s. Referring to our work as "crappy" several times in one ticket is likely to reduce the happiness of the person trying to give you an answer. (Note that I *did* however go ahead and answer it.)
Turns out I was wrong and that when you start a new card it is an object right away. The menu isn't shown simply because there are some complexities (e.g. it isn't clear yet what sets the new card is in) that require some special handling that we haven't thought out enough yet to activate the menu. (I think I"m understanding this right, from talking with Ethan.)
the "new basic" title has been corrected. The latest code has a menu on :new view (will be tagged as release soon). the real estate comments are as vague, but in general, the menu won't help you there anyway. You can, however, tweak CSS to suit your sense of noncrappiness. plan is to get better default skins soon.