I searched for any discussion on the above app and I didn't see anything specific to this. I just download the free trial app and I love it so far. When I downloaded the app it converted all of my existing text (running stock text) to conversation text, I didn't lose them. It is a lot better then the threaded SMS because the text box moves up above the keyboard and you can see what you type. Sorry if I missed this post but I figured I would let everyone know. The cheapest I have found it is $12.95 at
http://www.download.com/Extreme-Text...-10763537.html. If anyone knows where it is cheaper let us know. If anyone is running this app and knows of any bugs please let me know.
Note* If you download the app to your computer run it from there and active sync will apply it to your phone.
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Edit: Smartphone edition is out and works on all WM smartphones.
PPC Edition is also NOW out! 
/ =D>
--Malatesta
--> http://www.birdsoft.biz/extremetext.htm