I've been opening log files in either vi, notepad++, or sublime text for as long as I can remember. I've never had any issues accomplishing exactly what I needed. You insinuate that's a bad thing without providing any examples or solutions that are "better", so I can only assume your rationale is:
My tool is awesome even though it doesn't fit your requirements, so you should change your requirements.
I definitely don't mean to insinuate it's a bad thing, but for me it is not a core requirement. Atom is supposed to be a code editor, and it's no hardship to use a different program for opening non-code text files. I actually find native text editors (I've tried Scratch and Gedit) don't work better than Atom for largish text files of a megabyte or thereabouts, so it's clearly a relatively common issue with editors which are built on the assumption you're going to be looking at smaller files. If the Atom devs manage to write the code which will allow these files to be handled, great, but in the meantime the program remains excellent for editing code.
I do not understand the need to separate a "code editor" from a text editor. What is code before it is interpreted or compiled? Text.
I do not object to the existence of Atom -- it scratches some people's itches, so that's fine -- but I do not buy "it's supposed to be a code editor" as enough of a justification for using it versus other text editors.