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As far as I know, Flex 4.0 will not be shipping with a Spark equivalent of the RichTextEditor control.
I am using squiggly with halo rich text editor in flex4 gumbo project.
Please let me know how can i skin it??
The RichTextEditor control is basically just an MXML component based on a Panel with a TextArea and ControlBar with a bunch of nested controls. I think the easiest solution would be to copy the RichTextEditor.mxml file from %FlexSDK%\frameworks\projects\framework\src\mx\controls\RichTextEditor.mxml and just reskin your custom component by editing the MXML.
I have few more question regarding Update Framework, flash localConnection for communication between air and browser flex. I will make a new post for it.