When I text, I text as if I were writing an essay. I use correct punctuation and spelling and I nearly never use stupid LOL's OMG's or anything like that. I am not illiterate. And I get tired of those who are.
btw, lol, and lmao are about the only substitutes I'll use. Add to that the occasional :p or ;) and that's the limit of my "text-speak." Seriously, it doesn't take that long to type out the full words. U no wut I meen?