Your inspect window is using "Basic View" which means you'll not see all the properties available. As Vladimir pointed out, what you want to log is not text.value but text.OleValue so you'll need to change your inspect window to use Advanced view (there's a link at the top of the window that allows you to switch to Advanced view).
I think you are correct in that the watch list is displaying those odd characters due to an encoding difference in TC. I believe that the Watch list displays only ANSI and not Unicode or UTF-XX values. So, if the text in the text.OleValue property are of those extended character sets, they may show up as something strange as you displayed.