So I just found this great WPSE thread about security for themes/plugins. It answered most of my questions but it was created before the new wp_editor() function was built.
I have two TinyMCE editors on my Theme Options and I'm wondering whether I need to use esc_html() or esc_textarea() in a validation callback before saving the theme option. It seems to me that TinyMCE takes care of a lot of that stuff (as well as the Settings API security that's taken care of), but there's still not a lot of documentation out there about wp_editor().
Any resources and answers appreciated.