Formatting shouldn't mean reaching for the mouse.
Open it with a slash
Type / at the start of a line or after a space and a short list opens at your cursor. Type a few letters to narrow it, move with the up and down arrows, and press Enter or Tab to insert. Escape closes it. It only opens at the start of a line or after a space, so a web address or a date like 10/12 never triggers it. The toolbar's plus button opens the same list under the button, for when you would rather click.
What each choice does
Filtering matches any part of the name, so typing list finds the bulleted list, the numbered list and the checklist, and typing head finds all three headings. Letters only: a space or a number closes the menu.
Headings, lists, the checklist and the quote start their own line. If you are partway through a line of text, the menu moves to a new paragraph first, with a blank line before it, so a heading never gets glued onto the sentence above. Link inserts a link with the words link text selected, ready to type over, then you replace the address.
The same list appears in the formatted note editor. Notes stay plain text either way, and the markers it inserts are the ones you could type yourself, as covered in note formatting.