Oh dear.
"..with minimal effort to produce beautiful display text"
The original fonts are tweaked painstakingly by a designer. The "effects" are like putting lipstick on Mona Lisa.
Web site design is now a branch of publishing and design and Google is one of the larger corps operating in the area. This is like... I don't know, offering a high end DSLR with a physical button to add instagram filters and lens flare to the original image. Well, for free, but the decision process to add these features gives the appearance of amateurism and lack of respect for good design.
Schoolkids will love these exciting tweaks, no doubt.