I've raised this issue previously that when Env explodes anything it seems to reduce it to the smallest possible. It's just too good at what it does. eg when exploding a view on a worksheet, instead of having hatching on a patterned view, it ended up with individual line segments (the length as specified in the pattern definition so that every time the pattern repeats there's another line segment added to the end of the first!)
The same happens when one tries to edit a not-so-SmartView.
I will pass along that it would be excellent if it could recognize words and not explode it to individual letters.
Paragraph text would be even better than words. Please don't take us back to the days of DTEXT used by AP/Build's Descriptions command. (although that's still preferable to individual words)
PS don't get me wrong, I'm all for SmartViews. But I'll keep pushing for REAL LIVE VIEWS until they're a reality.