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Dave Winer disputes Karl Martino’s comparison that Movable Type and Radio are essentially similar. Naturally, Dave feels that Radio is superior.
I’ve used both - Userland only on the web, not exactly Radio - and I found Movable Type far better - at least for my needs. Radio’s outliner is a cool feature, but that is not a killer feature for me. If Movable Type could support Structured Text, that’d be the killer modification.
Radio’s feature of easily subscribing to other blogs might be handy, but I’d rather go to individual blog sites and read for myself.
Bottom line: If your site is on a server that supports CGIs or mod_perl, go for Movable Type. If you want minimum hassle in setting things up (and doesn’t mind a Windows' client software), go with Radio, on their server.
Structured text looks interesting. Have you tried using Textile codes along with Brad Choaties MT-Textile plugin? They're geared only towards producing HTML, but they allow much of the structured text features that you seem interested in, and they've built a fair following among MT users.