[thinkingisfun]

"Just" being able to freely place them, choosing alignment (left, center, right, justify?), various fonts, selectable font color and maybe even an outline color and width (you can simulate that with a bunch of text-shadows) would go a long way :)

The fridge thingy could also do with several fonts, but I actually quite like it as is. Though here a selectable background and font color would also be nice, or the option to put the caption above the image.

Happy coding!

[kulkarnic]

Don't do this. Pick good defaults. Options are for nerds, simplicity is for real people.

[thinkingisfun]

How do good defaults and options exclude each other?

Also, we're talking about creativity here: you cannot be very creative without a toolbox and some options. And frankly, I think you're grossly underestimating "real people" (and good user interfaces).