Indeed! One of my top peeves along with the code bloat that comes with adding modules.
Getting the content viewing to look the way you want is not to hard. Getting the content entry to make sense and be usable is a challenge. This has gotten close to the breakign point and recent third-party usability audits have made even Dries, the creator of Drupal, to just declare this unacceptable. There are some improvements coming for Drupal 7, but I'm starting to wonder if it's too little too late and I don't think you should expect serious overhauls before Drupal 8.
That depends on what you mean by source editing. You do not need to edit core. You can achieve a lot of this in your theme (template.php and .tpl.php files). But like James Walker said in the talk that BradleyT referenced, you end up creating a form and then processing it several times, and eventually caching it. Not exactly elegant, but you don't necessarily need a module or any hacking to get this done.
I have to ask - why Drupal? For me, the answer is that if you want to do something complex, Drupal is a good framework to build on relatively quickly. For normal content management (i.e. a site that is not editable for most users and managed by a core team, dealing mostly with relatively simple content - text, images, embedded video - I think there are more straightforward choices.
Have you looked at the Concrete 5 user experience videos? Or Silverstripe? Just checking them out and it's a very different model from Drupal.