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The abstract description of text track cues includes a description of "text of the cue" at http://www.whatwg.org/specs/web-apps/current-work/#text-track-cue-text . It would probably be more consistent with the abstract nature of the TextTrackCue interface to make "text" one of the "additional format-specific data" in the paragraph beforehand.
I need something to hang the "rules for rendering the cue in isolation" on, but you're right that calling it "text" is bogus.
Checked in as WHATWG revision r8194. Check-in comment: Rename 'raw text' to 'raw data' for cues since it might not be text. http://html5.org/tools/web-apps-tracker?from=8193&to=8194