This is a generic reply.
I'm quite sure that this has been discussed many times before, or something pretty similar has been suggested.
I personally would like to see the script editor turned into an application of its own, and not something that is integrated (as it is now) with mIRC.
This would mean that there could be some nice changes to the script editors interface, such as inbuilt code highlighting, and possibly even a dialog editor (such as the now defunct/not distributed dStudio). I have had a look at mEditor but I'm not really fond of its user interface (although, it does the job ok, I would like to see better support for the XP interface and so on).
I'm quite sure it would be entirely feasible to distribute and keep mIRC at roughly the same size it is now, and yet have a very powerful script editor ship with it, or even available as a seperate download.
This has also been suggested before (that I am very certain of).