If you are talking about the conversation bubble thing (message threading), then the tilt does have that capability, while it doesn't look as fancy/pretty as the iphone, it will show you what has been texted back and forth in a conversation.
This is what it basically looks like:
[url]http://images.intomobile.com/wp-content/uploads/2007/08/windows-mobile-threaded-sms-text.jpg[/url]
Edit: I should also add that the feature was added to all windows mobile phones with version 6.1, so if you happen to get a phone with a previous version it will not have that capability so make sure to update the rom to the newest one and it will have that capability.
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