Well this is incredibly handy for somebody like me. No more having to create my own text and doing all the outlining manually myself anymore.
There is also the drop-shadow mode that RPG Maker 2003 did, and an option for raw text. Also notice how it smooth-shades the letters in a way a pixel artist would. The outline/shadow will be in the shadow pattern defined in the system graphic like before.
You also no longer have to hand-align the text or worry about the dialog box width anymore. It will automatically wrap and fit to the message box. The text above was entered on a single line without any linebreaks.