I'm +1 on adding a text utility module for occasionally useful stuff like wrapping, getting rid of gremlins, doing various kinds of substitutions, centering/capitalizing/padding and otherwise formatting strings, searching/parsing, and other fun stuff that your average text editor can do (and +0 on using the existing "string" module for that purpose, but I can live with another name).
+1 on (e.g.) a text module.
-1 on reusing the string module.
--Guido van Rossum (home page: http://www.python.org/%7Eguido/)