WYSIWYG Mtext Editor
The AutoCAD 2006 Mtext Editor is finally a truly "what you see is what you get" editor. But, what else can it do? Answer: Indents, hanging indents, and with this comes bullets and numbering.
Use the ruler to place or modify your tabs and indents, similar to how you would do it in Word. Right-click in the editor to control the appearance of the bullets, numbers or letters.
So what are the drawbacks to the WYSIWYG editor? Well for one thing, it can be disconcerting to edit Mtext that is not at a zero rotation.
If you find it difficult to edit rotated text, you can revert to the old Mtext editor by setting the system variable MTEXTED to "Oldeditor." However, you then lose the ability to use the indents, bullets, and numbering. To regain this functionality, set MTEXTED back to "." (internal editor.)
Bonus: AutoCAD 2007 uses the system variable MTEXTFIXED=2 to edit too small, too large, or rotated text in a horizontal orientation at a reasonable size, giving us the best of both worlds.