Hamo Studios has created a type animation tool for After Effects motion designers called Type-O-Matic which is a free downloadable After Effects Project that allows you to create typography animations with just a few steps. Check out Typ-O-Matic here.
TYPE-O-MATIC is an After Effects CS5 type animation tool for designers and motiongraphers developed by Hamo Studio. Create cool type animations with The Controller, Masked and Unfold.
With Typ-O-Matic you are able to animate any font choice simply by importing the controller.aep, masked.aep or unfold.aep to your After Effects library.
Then by opening the accompanying composition and selecting all the layers and choosing the font of your choice, you are able to create your own compositions with your own typefaces using the provided controllers and masks for animating the type characters.
If you want to see what Type-O-Matic is all about, Nicolas Doretti has created a short video showing how to edit and use Type-O-Matic, albeit in completely French.
Check out some examples of Type-O-Matic in use: