IMHO, if you're willing to take a few person-days to learn the two modes, the commands that various keys produce, and regular expressions if you don't know them already, GVim is a great text editor!
If you're not willing to do all or most of that and just use the "easy" mode, GVim is just an OK text editor, maybe even worse than average. I haven't tried it, but Notepad++ might be a better alternative in this case.
Personally, I don't like UltraEdit because (1) you have to pay for it, (2) its regular expressions are non-standard, and (3) it has a learning curve that I think is similar to GVim (see also #2) but I don't know of anything UltraEdit can do that GVim + sed (for multiple files) can't do. Though I should add I haven't used UltraEdit much because of #1.