wp_tiny_mce vs wp_editor

I’ve noticed that in WP version 3.3., wp_tiny_mce has been completely deprecated in favor of wp_editor. However it seems that wp_editor does something completely different to wp_tiny_mce. Is there a way to replicate the behaviour of wp_tiny_mce? I have various plugins that depend on the wp_tiny_mce implementation and would like to try to avoid rewriting.

I’ve noticed there is some debate in various threads on the subject so would appreciate if you could let me know whether you will restore the functionality or if there’s an easy way around this.

Plugins affected are: mailz, bookings, zingiri-web-shop, zingiri-web-shop-live and form.