I usually go through several, sometimes many, edits before submitting a story. I start in MS Word, but when a story is approaching doneness, I paste it into the story form here, in part to see how it's going to look.
And, of course, as several other people have already commented, ALL of the formatting disappears in the cut-and-paste. No italics, no bolding, even the vertical line spacing gets screwed up. Not helpful.
The story submission process still seems…wonky. Every time I save a story in draft, ALL of the tags disappear, as well as the Series title for a new series. And I can't figure out how to link stories within a series. There doesn't seem to be a button for that that I can see.
And I've noticed what Kistin, above, has said – so many of the stories, perhaps all of them, have these enormous white spaces at the bottom for no reason. I used to be able to gauge where I was in a story by how far down the pull-slide button on the RHS was – now that's useless as I have no idea how much white space there is. And Kis' other point, about comments, is also well-founded. FINDING where the comments are is much more difficult now. You keep scrolling farther and farther down the page, and they still don't appear.
In the story I've had published so far, the number of comments has dropped to about a tenth of what it usually is.
Part of that is because of the white space (people can't be bothered), but it's also the "Like" button. People think that liking a story is equivalent to commenting on it. As an author, I don't find them equivalent at all.
So, the story submission / publication / presentation / comment process is still wonky, and not particularly supportive of authors.