Personally I would consider 2 approaches. If the text needs to be full 3D (rotated, with perspective, etc) you could just use a function to generate dynamically a bitmap with the desired text and use that as a texture on a Plane or use a MovieclipMaterial (if the text or sprite has animation). This was a little experiment using Dynamic text + MovieMaterial + Plane: http://clients.stcassociates.com/stc/rss3D/index.html
If the text just needs to z sorted and always faces the camera, I would use Sprite2D to display it. The advantage of this is that the user can always read the text. This is an example of Sprite2D text in a project I am working on: http://clients.stcassociates.com/stc/locationsMap/demo2/STC_Locations_Map_3D.html The base is the same in both approaches. You generate a sprite with a textfield draw it into BitmapData and use that as a texture. There is a branch with a Type class inside Away3D but I haven't tried it yet. Hope this helps, Cheers, Jerome.
