Good to know about ed! Since noone else has mentioned this, emacs' keyboard macros seem much easier to me especially since more than the basic editing stuff off awk/ed/sed i can leverage all the editor extensions and modifications i have accumulated over the years. That is unless its tens of thousands of files and the edit is exceptionally simple. I would write a script in that case too.
Let's say I have:
key value
salt pepper
fish chips
vodka orange
rum cola
and I want the second column in uppercase.to start recording a macro. Alt →, → to position the cursor at "v" (or just →→→→→→ if this is a fixed width column), then Alt U to uppercase the next word. → to move the cursor one forward, to the start of the next line. to finish recording the macro.
Then press five times to run the macro five times.
(Explanation intended for users who've never used Emacs before. Of course, there are optimizations.)