Genuinely interested in the comments here. I don't see any problem with the way text inside works. True, the pop-up to ask what you want is annoying and I'm sure we'd all have a different view on how to handle it. But on the whole, I'd be sorry to see it go.

What are the obscure menu selections? All I've ever come across are the resizing handles and now I'm worried I'm missing out on shiny things I also can't recreate the green box when deleting text, which again makes me think I'm not aware of something I could be making use of.