Aaron,
Each text object that you add with the text() function is appended to a
list called "texts" that is an attribute of the axes object. So, to
remove the last text object you added, you can do:
del gca().texts[-1]
draw()
If what you want to do is change the contents but not the position,
Matplotlib is great. Between numpy, scipy, and matplotlib, I'm almost
completely weaned myself off of Matlab (just need to rewrite a bunch of
m-files in Python).
My question is, is there an easy way to remove text that's been added
with the text() function from a plot (like if I make a mistake
