Bob, I do have a problem with < and > showing up sometimes as it thinks they are tags. It's not so much
.Text, but the text control it uses that does it. If I add the text in HTML mode and then *don't* flip over to the design mode then sometimes it works. I've had success with using "<" and ">" too (not sure if it will display what I typed or the values - I typed "ampersand + l + t + ;" etc).
As far as straigt source code, I post that all the time and never have any problems. I built a tool that encodes the source as color-coded HTML and then I paste that in while in HTML mode (not in design mode). That is how I did this post and it didn't screw up any of the text:
http://ryanfarley.com/blog/archive/2004/03/23/465.aspx