When you enable TinyMCE you can either choose theme="simple" or theme="advanced". If you go for the simple you get one lovely little bar of buttons but it's missing the link button which is more important than most other buttons altogether. When you enable "advanced" you get three rows of buttons that makes you dizzy. I mean, should really be editing advanced tables in a WYSIWYG editor or mathematical equations?
Here's a config that I think works great. It's all in one row and it's got the bare minimum in terms of additional plugins (no extra downloads required). It's in Python but translates quite easily into Javascript:
TINYMCE_DEFAULT_CONFIG = {
'plugins': "fullscreen,paste,autoresize",
'theme': "advanced",
'theme_advanced_buttons1' : "bold,italic,strikethrough,bullist,numlist,"\
"separator,undo,redo,separator,link,unlink,image"\
",separator,cleanup,code,removeformat,charmap,"\
"fullscreen,paste",
'theme_advanced_buttons2' : "",
'theme_advanced_buttons3' : "",
}