Vinians : somebody can code a quick plugin using a DOM property from IE that has been implemented on other browser : offsetWidth.
The way to use it is :
var offsetWidth = element.offsetWidth;
So if you have your text inside a <span>, for example, that has no border nor any frills, you can retrieve the width in pixels of your string as displayed on screen. I don't know if Ashley has the time to implement that C2's Text object, but perhaps another plugin developer can attack that problem.
If nobody has done that yet in a week or two, I can make it myself, but not before ;).