I might mean that. I tried it, thought it was just what I needed except that text looked horrible. I attributed it to lack of aliasing and some quick Googling indicated that it could not be fixed.
No, if text looked horrible then this is something else, more than likely you ended up with a sub-par encoding (probably vp8). h264 will normally run in high quality mode unless you are really struggling for bandwidth, and with lossless auto-refresh you won't even notice the occasional lossy compression.
With default settings, text looks just fine - I use it everyday.