WMM2 does let you put text on the movie, although I definitely agree it lacks some good features.
But try looking at:
Sony Vegas 6
Pinnacle Studio (it's kind of newbie oriented though)
Adobe After Effects (this is awesome, even for editing stuff you already edited in WMM)
I have to say though, I am kinda disappointed with WMM2; It's a good concept with a user friendly interface but could really use some updates... Oh well, I hope Vista will have a WMM3