With Text-O-Matic 2.0 you can place text on a curve or a circle. The curve path can be changed by adjusting control points, while the circle can be squashed into an ellipse and its radius changed.

When a Path Text layer is first created, it is placed on a curved line and the text fills the line side to side.
You can also justify the text left, right, or center, place the text above or below the line, or select the curve shape, or a circle. Placing the text below the line flips it over as well.

To edit the curve shape, drag the control points at the ends of the dotted lines. Drag the control points at the end of the line to change its length.