Sorry, yeah you're right, that option is not available it seems. Wait on, if you highlight some text it becomes available, let me test it??
So if you copy the URL as per normal, than type in your post and highlight the word or phrase you want to use as the link word the option appears. Paste as per normal and you're away.
The button is greyed out in my editor, but I never use it anyway. BB code for URLs seems to work fine still. TEST www.google.com.au, by typing Code: [url]www.google.com.au[/url] Oh I see Anon beat me to it.
lol sorry yeah, ive noticed this since the new forums - when i am on my phone - android 4 (icecream sandwich) HTC Velocity, whenever i try and type on the forum, i can only type in CAPS on and cannot go lower case....... still happening now