FWIW, I purchased the mathtype equation editor and keep it current and
have never had any problems with it.  I do produce large documents
with lots of equations.
I wonder how much this varies by discipline?  Based on what Kit says, 
it sounds like most Economists use Latex.  However, in the Sociology 
journals I have submitted to, I've never had a request for Latex; 
they always just want Word or PDF files.  I use Word's freebie 
equation editor all the time; maybe a purist would say my equations 
look like a grade schooler's, but it has always seemed perfectly 
functional for my purposes.  (At least nobody has ever written me and 
said they refuse to use my handouts because the equations look so bad!)