*sigh* Until recently I was on the ConTEXT team. The problem that you mention wasn't a problem. It's the smart-tabs feature and can be turned off.
Having said that, I can't recommend ConTEXT anymore. It has bigger issues. The 0.97.2 version has a serious bug that can, and often will delete any Read-Only file you attempt to open. As if this wasn't bad enough, the developer has dissapeared for several months. Nobody knows where he is, and since the project isn't open-source, we were all at a loss. All we could do was link people to the 0.96.3 version which I had available on my site, and pray that nobody was seriously hurt by the 0.97.2 release that we had no way of removing. IT really chaffed.
After several months of daily beatings on the ConTEXT forums, I announced I was done, and have started a new project to identify OPen-Source editors that have the same, simlar, or better feature sets than ConTEXT. Once we find them, we plan to rate them, and submit them to the community. We've got a PERP Project Page that is being developed to facilitate this. If you're interested in helping with this project, check out the ConTEXT forum at Code-Foo. Information is available there. =)
If there's interest, I can post links to the results once we're finished.