Can I use iBooks Author as a word processor and sell the text outside of iBooks?  Or does the exclusive license apply even to the text?

I don't know if I want to sell on the iBook store, and I'd rather use iBooks Author than Text Edit or Word or Pages.  I understand that complicated interactive content is what makes iBooks Author special.  But if I create basic text content I could create anywhere, taking advantage of the versioning and iCloud storage iBooks Author provides, do I still own my own writing?

You own your own writing but the license would prevent you from selling it externally if it produced using iBA. You could of course freely give it away, or sell it via the iBookstore. If I were you I'd be using Pages - much friendlier to use (less bugs, more mature) and if you need the extra features you can import into iBA.

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