Brad, rest assured, there are probably a lot of people that DO care about the text. Especially some of the tongue-in-cheek texts, in diplomacy or technology. You could see it as another type of eye candy, like the extras on the ship design. Not essential to the game mechanism, but VERY nice to have, making the enjoyment last. Personally, I like the text better than the ship design graphics, even though that is cool too.
As I have posted in the "Dutch" thread, local language translation might let relatively young kids ( 9+, or 10+ according to the ESRB rating) enjoy the game too. And as Paul DesRivieres said, the ability to customize the text using this tool (or some other tool) might also give the smaller language groups a chance to translate anyhow if Paradox doesn't do it....
I posted a thread on the Paradox forum to see which languages they would support, and at what date they would be available... We'll see.