User blog comment:Kirkburn/VisualEditor - the past, present and future/@comment-4002547-20140712213255/@comment-126761-20140714150758

While it's certainly different to the previous editor, you are still quite able to edit the link and displayed text separately. The way it currently works actually more closely matches text editors like Word: you don't edit displayed text via a dialog, you do so on the page itself - only meta data is edited via a dialog. That being said, we are certainly still making changes and updates to the editor, which may affect the link dialog.