(I'm hitting the "Re-Install Now" button on the updates page
No. That's not a real re-install button. All it does it tries to update the site to 3.4.1. As you are already using 3.4.1, it effectively does nothing for you. Are you sure that you haven't disabled the rich-text editor in your profile?
Have you tried:
- deactivating all plugins to see if this resolves the problem. If this works, re-activate the plugins one by one until you find the problematic plugin(s).
- switching to the Twenty Eleven theme to rule out any theme-specific problems.
- resetting the plugins folder by FTP or PhpMyAdmin. Sometimes, an apparently inactive plugin can still cause problems.
- re-uploading all files & folders - except the wp-content folder - from a fresh download of WordPress.