Based on BBEdit, which does have a version in the App Store, the plugins and scripting would be just fine -- but the CLI integration wouldn't be. (Although you could probably download it separately.)
I don't really see what the advantage of putting ST in the App Store would be, though, for either its developer or any of the users. I like the App Store well enough for certain things, but for developer tools and many utilities the sandboxing tends to be an annoyance at best.
(Also, I don't like that the App Store makes upgrade pricing completely impossible, but that's a whole different rant.)