diff --git a/packages/annotations/package.json b/packages/annotations/package.json
index 47ab161e05723..c9e744157c65b 100644
--- a/packages/annotations/package.json
+++ b/packages/annotations/package.json
@@ -27,7 +27,6 @@
 		"@wordpress/i18n": "file:../i18n",
 		"@wordpress/rich-text": "file:../rich-text",
 		"lodash": "^4.17.11",
-		"memize": "^1.0.5",
 		"rememo": "^3.0.0",
 		"uuid": "^3.3.2"
 	},
diff --git a/packages/annotations/src/format/annotation.js b/packages/annotations/src/format/annotation.js
index e72786bad0e3b..a2f6f2973c726 100644
--- a/packages/annotations/src/format/annotation.js
+++ b/packages/annotations/src/format/annotation.js
@@ -1,8 +1,3 @@
-/**
- * External dependencies
- */
-import memize from 'memize';
-
 /**
  * WordPress dependencies
  */
@@ -120,40 +115,6 @@ function updateAnnotationsWithPositions( annotations, positions, { removeAnnotat
 	} );
 }
 
-/**
- * Create prepareEditableTree memoized based on the annotation props.
- *
- * @param {Object} The props with annotations in them.
- *
- * @return {Function} The prepareEditableTree.
- */
-const createPrepareEditableTree = memize( ( props ) => {
-	const { annotations } = props;
-
-	return ( formats, text ) => {
-		if ( annotations.length === 0 ) {
-			return formats;
-		}
-
-		let record = { formats, text };
-		record = applyAnnotations( record, annotations );
-		return record.formats;
-	};
-} );
-
-/**
- * Returns the annotations as a props object. Memoized to prevent re-renders.
- *
- * @param {Array} The annotations to put in the object.
- *
- * @return {Object} The annotations props object.
- */
-const getAnnotationObject = memize( ( annotations ) => {
-	return {
-		annotations,
-	};
-} );
-
 export const annotation = {
 	name: FORMAT_NAME,
 	title: __( 'Annotation' ),
@@ -167,9 +128,21 @@ export const annotation = {
 		return null;
 	},
 	__experimentalGetPropsForEditableTreePreparation( select, { richTextIdentifier, blockClientId } ) {
-		return getAnnotationObject( select( STORE_KEY ).__experimentalGetAnnotationsForRichText( blockClientId, richTextIdentifier ) );
+		return {
+			annotations: select( STORE_KEY ).__experimentalGetAnnotationsForRichText( blockClientId, richTextIdentifier ),
+		};
+	},
+	__experimentalCreatePrepareEditableTree( { annotations } ) {
+		return ( formats, text ) => {
+			if ( annotations.length === 0 ) {
+				return formats;
+			}
+
+			let record = { formats, text };
+			record = applyAnnotations( record, annotations );
+			return record.formats;
+		};
 	},
-	__experimentalCreatePrepareEditableTree: createPrepareEditableTree,
 	__experimentalGetPropsForEditableTreeChangeHandler( dispatch ) {
 		return {
 			removeAnnotation: dispatch( STORE_KEY ).__experimentalRemoveAnnotation,
diff --git a/packages/block-editor/src/components/rich-text/index.js b/packages/block-editor/src/components/rich-text/index.js
index ed94653f98be3..1227dd23d4b54 100644
--- a/packages/block-editor/src/components/rich-text/index.js
+++ b/packages/block-editor/src/components/rich-text/index.js
@@ -8,8 +8,6 @@ import {
 	isEqual,
 	omit,
 	pickBy,
-	get,
-	isPlainObject,
 } from 'lodash';
 import memize from 'memize';
 
@@ -48,6 +46,7 @@ import {
 import { decodeEntities } from '@wordpress/html-entities';
 import { withFilters, IsolatedEventContainer } from '@wordpress/components';
 import deprecated from '@wordpress/deprecated';
+import isShallowEqual from '@wordpress/is-shallow-equal';
 
 /**
  * Internal dependencies
@@ -91,6 +90,20 @@ const globalStyle = document.createElement( 'style' );
 
 document.head.appendChild( globalStyle );
 
+function createPrepareEditableTree( props ) {
+	const fns = Object.keys( props ).reduce( ( accumulator, key ) => {
+		if ( key.startsWith( 'format_prepare_functions' ) ) {
+			accumulator.push( props[ key ] );
+		}
+
+		return accumulator;
+	}, [] );
+
+	return ( value ) => fns.reduce( ( accumulator, fn ) => {
+		return fn( accumulator, value.text );
+	}, value.formats );
+}
+
 export class RichText extends Component {
 	constructor( { value, onReplace, multiline } ) {
 		super( ...arguments );
@@ -202,7 +215,7 @@ export class RichText extends Component {
 			range,
 			multilineTag: this.multilineTag,
 			multilineWrapperTags: this.multilineWrapperTags,
-			prepareEditableTree: this.props.prepareEditableTree,
+			prepareEditableTree: createPrepareEditableTree( this.props ),
 			__unstableIsEditableTree: true,
 		} );
 	}
@@ -213,7 +226,7 @@ export class RichText extends Component {
 			current: this.editableRef,
 			multilineTag: this.multilineTag,
 			multilineWrapperTags: this.multilineWrapperTags,
-			prepareEditableTree: this.props.prepareEditableTree,
+			prepareEditableTree: createPrepareEditableTree( this.props ),
 			__unstableDomOnly: domOnly,
 		} );
 	}
@@ -484,18 +497,6 @@ export class RichText extends Component {
 		}
 	}
 
-	/**
-	 * Calls all registered onChangeEditableValue handlers.
-	 *
-	 * @param {Array}  formats The formats of the latest rich-text value.
-	 * @param {string} text    The text of the latest rich-text value.
-	 */
-	onChangeEditableValue( { formats, text } ) {
-		get( this.props, [ 'onChangeEditableValue' ], [] ).forEach( ( eventHandler ) => {
-			eventHandler( formats, text );
-		} );
-	}
-
 	/**
 	 * Sync the value to global state. The node tree and selection will also be
 	 * updated if differences are found.
@@ -509,8 +510,14 @@ export class RichText extends Component {
 		this.applyRecord( record );
 
 		const { start, end, activeFormats = [] } = record;
+		const changeHandlers = pickBy( this.props, ( v, key ) =>
+			key.startsWith( 'format_on_change_functions_' )
+		);
+
+		Object.values( changeHandlers ).forEach( ( changeHandler ) => {
+			changeHandler( record.formats, record.text );
+		} );
 
-		this.onChangeEditableValue( record );
 		this.savedContent = this.valueToFormat( record );
 		this.props.onChange( this.savedContent );
 		this.setState( { start, end, activeFormats } );
@@ -912,23 +919,13 @@ export class RichText extends Component {
 			this.savedContent = value;
 		}
 
-		// If any format props update, reapply value.
-		const shouldReapply = Object.keys( this.props ).some( ( name ) => {
-			if ( name.indexOf( 'format_' ) !== 0 ) {
-				return false;
-			}
-
-			// Allow primitives and arrays:
-			if ( ! isPlainObject( this.props[ name ] ) ) {
-				return this.props[ name ] !== prevProps[ name ];
-			}
-
-			return Object.keys( this.props[ name ] ).some( ( subName ) => {
-				return this.props[ name ][ subName ] !== prevProps[ name ][ subName ];
-			} );
-		} );
+		const prefix = 'format_prepare_props_';
+		const predicate = ( v, key ) => key.startsWith( prefix );
+		const prepareProps = pickBy( this.props, predicate );
+		const prevPrepareProps = pickBy( prevProps, predicate );
 
-		if ( shouldReapply ) {
+		// If any format prepare props update, reapply value.
+		if ( ! isShallowEqual( prepareProps, prevPrepareProps ) ) {
 			const record = this.formatToValue( value );
 
 			// Maintain the previous selection if the instance is currently
@@ -942,15 +939,6 @@ export class RichText extends Component {
 		}
 	}
 
-	/**
-	 * Get props that are provided by formats to modify RichText.
-	 *
-	 * @return {Object} Props that start with 'format_'.
-	 */
-	getFormatProps() {
-		return pickBy( this.props, ( propValue, name ) => name.startsWith( 'format_' ) );
-	}
-
 	/**
 	 * Converts the outside data structure to our internal representation.
 	 *
@@ -988,7 +976,7 @@ export class RichText extends Component {
 		return unstableToDom( {
 			value,
 			multilineTag: this.multilineTag,
-			prepareEditableTree: this.props.prepareEditableTree,
+			prepareEditableTree: createPrepareEditableTree( this.props ),
 		} ).body.innerHTML;
 	}
 
@@ -1066,9 +1054,7 @@ export class RichText extends Component {
 		const record = this.getRecord();
 
 		return (
-			<div className={ classes }
-				onFocus={ this.setFocusedElement }
-			>
+			<div className={ classes } onFocus={ this.setFocusedElement }>
 				{ isSelected && this.multilineTag === 'li' && (
 					<ListEdit
 						onTagNameChange={ onTagNameChange }
diff --git a/packages/rich-text/package.json b/packages/rich-text/package.json
index 096b3faa12499..b2a0f0165b40d 100644
--- a/packages/rich-text/package.json
+++ b/packages/rich-text/package.json
@@ -25,6 +25,7 @@
 		"@wordpress/compose": "file:../compose",
 		"@wordpress/data": "file:../data",
 		"@wordpress/escape-html": "file:../escape-html",
+		"@wordpress/hooks": "file:../hooks",
 		"lodash": "^4.17.11",
 		"rememo": "^3.0.0"
 	},
diff --git a/packages/rich-text/src/register-format-type.js b/packages/rich-text/src/register-format-type.js
index 8bee07ff8c776..eb6d48c9e5636 100644
--- a/packages/rich-text/src/register-format-type.js
+++ b/packages/rich-text/src/register-format-type.js
@@ -2,7 +2,6 @@
  * External dependencies
  */
 import { mapKeys } from 'lodash';
-import memize from 'memize';
 
 /**
  * WordPress dependencies
@@ -11,17 +10,6 @@ import { select, dispatch, withSelect, withDispatch } from '@wordpress/data';
 import { addFilter } from '@wordpress/hooks';
 import { compose } from '@wordpress/compose';
 
-/**
- * Shared reference to an empty array for cases where it is important to avoid
- * returning a new array reference on every invocation, as in a connected or
- * other pure component which performs `shouldComponentUpdate` check on props.
- * This should be used as a last resort, since the normalized data should be
- * maintained by the reducer result in state.
- *
- * @type {Array}
- */
-const EMPTY_ARRAY = [];
-
 /**
  * Registers a new format provided a unique name and an object defining its
  * behavior.
@@ -135,99 +123,73 @@ export function registerFormatType( name, settings ) {
 
 	dispatch( 'core/rich-text' ).addFormatTypes( settings );
 
-	const getFunctionStackMemoized = memize( ( previousStack = EMPTY_ARRAY, newFunction ) => {
-		return [
-			...previousStack,
-			newFunction,
-		];
-	} );
-
-	if (
-		settings.__experimentalCreatePrepareEditableTree
-	) {
+	if ( settings.__experimentalCreatePrepareEditableTree ) {
 		addFilter( 'experimentalRichText', name, ( OriginalComponent ) => {
-			let Component = OriginalComponent;
-			if (
-				settings.__experimentalCreatePrepareEditableTree ||
-				settings.__experimentalCreateFormatToValue ||
-				settings.__experimentalCreateValueToFormat
-			) {
-				Component = ( props ) => {
-					const additionalProps = {};
-
-					if ( settings.__experimentalCreatePrepareEditableTree ) {
-						additionalProps.prepareEditableTree = getFunctionStackMemoized(
-							props.prepareEditableTree,
-							settings.__experimentalCreatePrepareEditableTree( props[ `format_${ name }` ], {
-								richTextIdentifier: props.identifier,
-								blockClientId: props.clientId,
-							} )
-						);
+			const selectPrefix = `format_prepare_props_(${ name })_`;
+			const dispatchPrefix = `format_on_change_props_(${ name })_`;
+
+			const Component = ( props ) => {
+				const newProps = { ...props };
+				const propsByPrefix = Object.keys( props ).reduce( ( accumulator, key ) => {
+					if ( key.startsWith( selectPrefix ) ) {
+						accumulator[ key.slice( selectPrefix.length ) ] = props[ key ];
 					}
 
-					if ( settings.__experimentalCreateOnChangeEditableValue ) {
-						const dispatchProps = Object.keys( props ).reduce( ( accumulator, propKey ) => {
-							const propValue = props[ propKey ];
-							const keyPrefix = `format_${ name }_dispatch_`;
-							if ( propKey.startsWith( keyPrefix ) ) {
-								const realKey = propKey.replace( keyPrefix, '' );
-
-								accumulator[ realKey ] = propValue;
-							}
-
-							return accumulator;
-						}, {} );
-
-						additionalProps.onChangeEditableValue = getFunctionStackMemoized(
-							props.onChangeEditableValue,
-							settings.__experimentalCreateOnChangeEditableValue( {
-								...props[ `format_${ name }` ],
-								...dispatchProps,
-							}, {
-								richTextIdentifier: props.identifier,
-								blockClientId: props.clientId,
-							} )
-						);
+					if ( key.startsWith( dispatchPrefix ) ) {
+						accumulator[ key.slice( dispatchPrefix.length ) ] = props[ key ];
 					}
 
-					return <OriginalComponent
-						{ ...props }
-						{ ...additionalProps }
-					/>;
+					return accumulator;
+				}, {} );
+				const args = {
+					richTextIdentifier: props.identifier,
+					blockClientId: props.clientId,
 				};
-			}
+
+				newProps[ `format_prepare_functions_(${ name })` ] =
+					settings.__experimentalCreatePrepareEditableTree(
+						propsByPrefix,
+						args
+					);
+
+				if ( settings.__experimentalCreateOnChangeEditableValue ) {
+					newProps[ `format_on_change_functions_(${ name })` ] =
+						settings.__experimentalCreateOnChangeEditableValue(
+							propsByPrefix,
+							args
+						);
+				}
+
+				return <OriginalComponent { ...newProps } />;
+			};
 
 			const hocs = [];
 
 			if ( settings.__experimentalGetPropsForEditableTreePreparation ) {
-				hocs.push( withSelect( ( sel, { clientId, identifier } ) => ( {
-					[ `format_${ name }` ]: settings.__experimentalGetPropsForEditableTreePreparation(
-						sel,
-						{
+				hocs.push( withSelect( ( sel, { clientId, identifier } ) =>
+					mapKeys(
+						settings.__experimentalGetPropsForEditableTreePreparation( sel, {
 							richTextIdentifier: identifier,
 							blockClientId: clientId,
-						}
-					),
-				} ) ) );
+						} ),
+						( value, key ) => selectPrefix + key
+					)
+				) );
 			}
 
 			if ( settings.__experimentalGetPropsForEditableTreeChangeHandler ) {
-				hocs.push( withDispatch( ( disp, { clientId, identifier } ) => {
-					const dispatchProps = settings.__experimentalGetPropsForEditableTreeChangeHandler(
-						disp,
-						{
+				hocs.push( withDispatch( ( disp, { clientId, identifier } ) =>
+					mapKeys(
+						settings.__experimentalGetPropsForEditableTreeChangeHandler( disp, {
 							richTextIdentifier: identifier,
 							blockClientId: clientId,
-						}
-					);
-
-					return mapKeys( dispatchProps, ( value, key ) => {
-						return `format_${ name }_dispatch_${ key }`;
-					} );
-				} ) );
+						} ),
+						( value, key ) => dispatchPrefix + key
+					)
+				) );
 			}
 
-			return compose( hocs )( Component );
+			return hocs.length ? compose( hocs )( Component ) : Component;
 		} );
 	}
 
diff --git a/packages/rich-text/src/to-dom.js b/packages/rich-text/src/to-dom.js
index 9ebe8365a25ba..33cc08b27e47d 100644
--- a/packages/rich-text/src/to-dom.js
+++ b/packages/rich-text/src/to-dom.js
@@ -113,12 +113,6 @@ function remove( node ) {
 	return node.parentNode.removeChild( node );
 }
 
-function prepareFormats( prepareEditableTree = [], value ) {
-	return prepareEditableTree.reduce( ( accumlator, fn ) => {
-		return fn( accumlator, value.text );
-	}, value.formats );
-}
-
 export function toDom( {
 	value,
 	multilineTag,
@@ -128,11 +122,15 @@ export function toDom( {
 	let startPath = [];
 	let endPath = [];
 
-	const tree = toTree( {
-		value: {
+	if ( prepareEditableTree ) {
+		value = {
 			...value,
-			formats: prepareFormats( prepareEditableTree, value ),
-		},
+			formats: prepareEditableTree( value ),
+		};
+	}
+
+	const tree = toTree( {
+		value,
 		multilineTag,
 		createEmpty,
 		append,
diff --git a/packages/rich-text/src/unregister-format-type.js b/packages/rich-text/src/unregister-format-type.js
index 6f6741183ee16..a70c1d1d417f2 100644
--- a/packages/rich-text/src/unregister-format-type.js
+++ b/packages/rich-text/src/unregister-format-type.js
@@ -22,10 +22,7 @@ export function unregisterFormatType( name ) {
 		return;
 	}
 
-	if (
-		oldFormat.__experimentalCreatePrepareEditableTree &&
-		oldFormat.__experimentalGetPropsForEditableTreePreparation
-	) {
+	if ( oldFormat.__experimentalCreatePrepareEditableTree ) {
 		removeFilter( 'experimentalRichText', name );
 	}