In draft:
How about not being able to format text in a callout. Come on, AutoCAD has had MText for years, why can't I have both regular and bold text, or different text sizes in the same callout?
Oh, another one, similar to BC's example: when you move around the view's title, an arbitrary rectangle replaces the text, and it doesn't even show the title's real boundary!!! Now that's lame.
Or the inability to align (line up) text boxes to other text boxes or any other element, which is the reason I never use them... Talk about a useless feature!
@ bc
I rather like that sheetmetal has its own file extension and environment.