The text tool is missing the option to set line height, which makes it difficult to use for text that runs over multiple lines.
There are lots of other typography settings that would be nice to have, but I think the line height is the most essential that is missing at the moment, and is making the tool a lot less useful than it could be.
(Other settings would be: kerning, ALL CAPS/lower caps, underline, strikethrough, sup- and subscript)