I wouldn't consider most of this language 'text speak', just a bit of Internet slang
I used something like this to attempt to troll I think it was Damocles in the RATM Xmas thread, as I had been outwitted by him, referring to Vinnie Jones from the X-Men. Perfect example of bad timing for a meme.
Although I do laugh at people saying the English language is failing. I'm sure people from the middle ages would be looking at the English language now and would consider us the literature scum of the Earth. It's not like we use this language when we're being serious or writing essays or something. It's just a new way to express yourself that the youth seem to connect with. Anyone that uses that sort of language seriously in their day to day lives deserves a smack. I actually heard someone say 'LOL' last night.
As for 'memes', some aren't funny and some when timed perfectly, as mentioned earlier can be very funny if executed properly. But at the end of the day some memes are just there to make you laugh
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