Text expansion for Mac OS X Lion? Is there a built in feature into OS X Lion which is similar to iOS 5.0's shortcut feature? For example, by default if you type "omw" on the iPhone, it gets expanded to "on my way" automatically.

I know that there are probably 3rd party solutions, but I would prefer using an Apple solution.
You can do this in System Preferences in the Text tab of the Language &amp; Text pane:

You can toggle on/off the built-in replacements, as well as create ones of your own.