Canvas itself does not support text; there are various hacks to, e.g., port PS fonts to canvas, but it's a really ugly scene. Other methods include overlaying HTML text via CSS and server-side image rendering fonts. It's all really ugly.
Have you played with SVG?
As for feature completeness I agree with you. The Firefox SVG team is very small and not funded by the Mozilla corporation (at least that was the case last year when I talked to one of its members) - the SVG standard, on the other hand, is HUGE.
What were your issues?