Apparently the folks at Adobe noticed that a lot of customers were saying awfully nice things about Apple's LiveType. Sure AE's text engine is as powerful (or maybe more) as Apple's, but Apple sure had the usability thing down.
Fortunately AE 6.5 does a shout back and tries to win this battle. You'll find over 250 professionally-designed text animation presets. These can streamline the design process, but don't replace it. Presets can be used as a starting point, and then modified. In fact you can save modified presets or your own creations and build up your library.
You can view the available presets by calling up the Effects & Presets palette.
To apply a text preset, just drag and drop it on top of a text layer in your Timeline or Comp window.
You'll find an extensive (and inspiring gallery) inside the After Effects 6.5 online Help.