Equivalent to Ai's 'Hide Edes' to hide selection higlighting
When choosing a color or a font for text, it's very hard to judge the appearance when the selected text is hilighted/inversed.
A function like Illustrator's 'Hide Edges' (cmd-H) would be of great help, to invisible select text.
Mike Battistella commented
I'm also in for this, also not only for text objects but for ALL objects (hiding the selection frame) - like in Illustrator.