Yes, I love it! A while back I had written about some tips to use the Link Categories to group the links and order them in the sidebar. The biggest problem was that most of the themes ordered the link categories alphabetically. Worse, some by the order of addition to the Link Manager. The Text Widget has really made it easier now for the WordPress.com bloggers.
A Link Category can now be converted into a Text Widget and then arrange it anywhere in the sidebar. The dependency on the name of the link category to position it is eliminated. I had named a link category Adhesive to include my sticky posts so that it would be on top of all the links. Now I have a text widget called Sticky (which is more common and popular) and it is right at the top, even above any of the other navigation tools.
In addition to this, now the text widget can be used to display any message to the reader. The message can be about the website or some help message or some quote. I have found that most of the HTML elements are allowed, except for the form elements. I wish it was allowed, I would have liked to change display of the search form.
I have also used it to make my menu. For some reason all the themes, except Regulus, do not display the pages according to their page order. They are usually sorted in alphabetical order. So, the best way was to use the text widget. Ofcourse this has to be updated manually everytime a page is added, but this will not be a problem unless a new page is added frequently.
After adding your custom HTML code in a text widget, make sure that you validate, both the CSS and HTML, to make sure that the new webpage still has valid HTML and CSS. A thing to note is that all the content inside a widget is displayed between
<li class="widget"></li> tags.
Copyright Abhijit Nadgouda.