The text isn't there if you buy the CD. If you load an actual CD to an iPod using your computer, iTunes will find the textual information that matches it from its own resources, and add that in. If you copy a CD without having an internet connection, all you'll get is "track 1" "track 2" and so on.
iTunes however does incorporate that information in the file. So, it's probable that if you then burn that file, or a file bought from the iStore which will also have the same information, to another CD, the information will be retained. The question is, will it be read by the CD player in the same way it will be read by your iPod? That's what I don't know.
Try it.
Rolfe.