I have just released a beta version of a JQuery plugin that manages text animation, it is super easy to use and the results are pretty impressive.
There is still work to be done and whoever wants to contribute is welcome to fork on github here
You can view the plugin page here -> http://netgfx.github.com/SplitText/
View EXAMPLES here -> http://www.netgfx.com/trunk/splitText/examples/examples.html
Or check out under the hood with a previous tutorial that I wrote here -> http://nightlycoding.com/index.php/2013/02/text-effects-with-timelinemax/
If you like it, drop me a line below, also if you find a bug make sure to file it on github