WIdgets are tools that you can drag and drop into a sidebar or footer. Most widgets are designed to perform a specific task, such as list recent posts or display a calendar.
Formatting Text, Placing Images
A Text widget allows you to add text, images, video, any content into a sidebar. The down side is that you have use HTML to format the text or embed the image/video
Black Studio TinyMCE is a text widget that has the entire set of text formatting and media insertion tools that the regular post and page editors use.