Autodesk has managed to repair the problems that the Microsoft Hotfix KB918118 was breaking. This hotfix applies to multiple versions, so make sure you download and apply the right one.

Autodesk Hotfix DL9229921

We are sorry for an inconveniences this has caused and appreciate your patience.

Hope this helps.

M$ came out with an update last night that hoses Inventor's text editing. Here's the reply from ADSK I received this AM:

Dear Gregory,

I've got new information on an MS update today: If you've applied Microsoft Hotfix KB918118 you will notice that you can’t create or edit texts in Inventor .IDW’s. The workaround is to uninstall this hotfix. Please uninstall this from Add/remove programs and spread the word. Let me know if I may close this case. Thank you.

Best Regards, Daren Lawrence Autodesk Support Team