Well, I respectfully disagree and this is not consistent with other applications (whether it be Windows or Web apps) that implement EmptyText behavior in their controls. One example that comes to mind is the Search box in the FireFox web browser. If you don't have any text in there, it displays EmptyText as the default search engine, in my case, Google. But if I type Google, it is inteligent enough to know that I typed it in.
You can never know what the end user is going to do, so I'm a firm believer in have code that doesn't make any assumptions. For example, what if I'm implementing a search box, and my EmptyText is: Enter search criteria... Well, the end user could legitimately be looking for such a phrase inside a file or whatever. But after you roll out the fix in V0.80, that supposedly fixes the issue of EmptyText coming across as Text, it would render this search criteria useless becuase it would assume that the field was empty, when in fact the user wanted to search on that criteria.