I'd add that though we've adapted to the look of a cursor, the designer in me cringes at the thought of outlined text (though I'm willing to allow that there are probably applications of this that work elegantly; I just can't picture any).

Sometimes the answer might be yet a different color of text (not black or white), although that too has design downfalls.

But all that said, tools to help text and other elements adapt to background images are mighty helpful. I'd definitely consider using this, even as is.