Not sure if anyone else coding for Corona has experienced the same issue, but I’ll mention it here and throw in a link to the Sublime Text forum post on the topic in case you have and save some time searching.
The main issue is that Sublime Text 2 and 3 beta have started to appear as if the application has been magnified on MacBook Pro laptops with OS X 10.10.2 and retina displays. Attached is a comparison of the Sublime Text window alongside Outlaw so you can see the difference. The application becomes unusable in this state.
The Sublime Text forum post on the topic is here: http://www.sublimetext.com/forum/viewtopic.php?f=3&t=17324
If you have the problem, please do add to that thread with your specific system and OS details in the hope that the developers can figure out the root cause soon.