Funny that you mention this. Text was one of the first things we wanted to remove from games when we started. In
our first design, we were going to do everything in game and without text, including game saving and game configuration.

Our main motivation was actually that text is extremely colored by culture and we did not want to position our work in any a specific culture.
I really liked the "spoken cut scenes" in Amnesia. I'm probably going to steal that for one of our own projects.

An example of great text-heavy game I find "Ceremony of Innocence", designed in the 1990s by Alex Mayhew. It's in fact based on an experimental novel that consisted of postcards. The game consists of interactive versions of these postcards. The text on the postcards is spoken out loud by very talented actors (Isabella Rossellini and Ben Kingsley). Very very enjoyable!
I think if your text is good, then you shouldn't be too worried about its presentation. I'd suggest getting a really good writer. Not some game-writer but an actual poet or novelist. The text should be as interesting artistically as the music, the textures, the interactions, etc.
For our current prototype, a new version of our first game mentioned above, we have considered adding text to present to story (so that we wouldn't have to present the story in the game). But at that time, the whole game was being rendered as a book. So it made sense to have text. We've abandoned that idea now, and we have also abandoned text. There will be neither text nor story. Maybe we'll just publish a comic strip for people who want to learn about the story.