Hi Christopher,
The text editor, from what I can remember, has changed so that it is supposed to be more user friendly.
You can still chose to edit your text unformatted or paste it in by holding Ctrl + Right Click
Or if you are hosting images externally it should automatically embed the image as I did above if you paste a direct link to it.
Personally I thought the previous iteration of the text editor to be worse for trying to dictate your BBCode as I always have a tendency to just type the code rather than click the buttons and it used to play havoc. I'm not sure there is an option to turn it off fully.
Bit of a late reply, but a reply nonetheless.