I don't know about you, but I find having lots of ERTs in my document distracting and a bit annoying!
My solution is similar but instead I use the math mode - that way I see the actual symbol I typed... eg, include the following line in your Preamble \newcommand{\hho}{\text{H}_2\text{O}} Then inside your document simply type Command-m (or Ctrl-m on a PC?) which starts the equation editor enter \hho as your equation and hit space a couple of times. You should now have a nice compiled H20 to look at in your LyX document. So that I can see for example the Angstrom symbol I type Command-m \text space \AA Command-end (ie \text{\AA}) so that I actuall can see it rather than an annoying ERT. Chris.