Ya, the chat is very hard to read, and you can't tell easily/quickly if it's an important message from an alli, or a joke from the opposing team. Also, it pops on/off so fast, you have almost no time to read it.
Another problem along the same lines is that the announcer (who I LOVE) says the same things, with the same excitment, regaurdless of whether your team made the kill, or the other team did. You think he'd say (with a sadder tone) "You were pwnd" or such when someone on your team dies. As it is now, you try to read the pale white text to see who killed who; you can't; you listent to the announcer for some info/input, and he's all excited regaurdless (You just lost 2 of your demigods, SMITER! Is'nt that great!"); so I usually have to hit TAB and see who's dead in the team listings. At least Tab works well.