http://www.khiba.com/PSP/index.htm has a great example of the new points vs. pixels in PSPX and how they work!!
I learned another trick there also about working with text. I never knew that if you have you text selected with the "Pick Tool" you can change the colors, texture, gradient and turn of either the background or forground colors of the font by just picking it in the materials palette.
I always used the edit text or when making vector text I used the Vector Properties box, however you still need to use that if you want to change your outline attributes.