Currently yes, that is correct. Annotations are not supported but have been requested in the past. I am not sure what kind of traction that might get but I can certainly ask around. Thanks for the feedback!
What's the disadvantage of using waypoints to add labels?
There are many things that I can think of that it would be nice to add a label to:
-short descriptions of features -text boxes with leaders -instructions or directions -names of features not standard on a map such as locally known features (drainages, ridges, etc)
I guess it depends on how you use your gps and the mapping software. I always take a printed copy of my map and never just rely on my gps. It seems very foolish to me to not bring a printed map along as backup. Therefore, I like to annotate my maps with more than just waypoints and using text boxes with or without leaders can be very handy. Not complaining as the software is free but it seems like such an obvious thing to incorporate. The old National Geographic TOPO! software and the Maptech stuff has this as a standard feature and I'm surprised other users haven't spoken up about this. Right now this is the only feature missing that I wish it had. Oh yeah, and measuring freehand would be nice but creating a track is an easy work-around.