This video discusses the difference between the Text tool and the Rich Text tool as well as Leader Line and Text Line with Arrow tools.
Adjust the Callout Label in the Callout Specification dialog to create custom labels.
Information about a specific object can be shown in its label, when specified in the object's specification dialog, or in a text object with an arrow pointing to the object.
Using custom macros for object labels gives you flexibility in the label format and still keeps them accurate when items are resized.
Labels can be added to any polyline based object in the specification dialog.
Using Annotation Sets to be Productive in Setting Defaults and Layer Sets