The Text element is already better than the default Unity one, but I’m really missing the features coming from other Unity plugins, such as:
https://www.assetstore.unity3d.com/en/?stay#!/content/32312
or
https://www.assetstore.unity3d.com/en/?stay#!/content/84126
Starting with some basic features as borders and shadows would be already a big step forward to create nice localizable UI, without the need of creating many images in Photoshop.