As an English teacher I'm probably expected to stand against the flood of corruption undermining our language... but it's worth pondering that the people who 'invented' spelling were not gods, but human beings like us. All languages - in both their spoken and written forms - are constantly evolving. So 'text speech' (I wonder if that's the correct and recognized term?) is not the Antichrist. It's just another interesting development. I believe everyone has the right to get creative with the language they use. The real test of 'good' language use is whether it accomplishes communication between the user and the recipient.
Shakespeare was just making it up, you know! So why shouldn't we?