OMG! LOL! J/K! :)
Okay, so using text or chat abbreviations is not going to help you write the next 'Great American Novel' or help you with descriptive, flowing poetry, but it is not going to destroy the English language either.
Text and chat lingo is no more damaging than Spanglish, Ebonics or Technobabble. Any type of slang is predominantly used by a specific group of people, within their group, for more effective communication of a common, shared experience. The great thing about English is that it is a living language that is constantly expanding and changing. English has the ability to incorporate the most popular, and often most descriptive, idioms and phrases from various subcultures into the language as a whole. This seepage of subculture slang into the common vernacular allows the language to be reflective of the diversity of its users. As objects and fads become obsolete, and words and phrases become overused or disdainful, certain speech is also effectively dropped from the language when appropriate. This has been going on for hundreds of years.
As technology and cultures change and change emphasis, words are developed to easily identify a feeling, an object, or a commonly used phrase. If you were talking with an English speaking person from 1930 and referred to an 'ATM', a 'bro', or suggested he/she 'go with the flow', you would most likely be met with a blank stare, introduced to their sibling, or directed to the nearest river. If the same person told you they were going to 'bill and coo' in their 'flivver' with someone 'glinchy' you may think they were very involved with birds. These changes in the language took place in less than 60 years.
The sense that text lingo is being incorporated into our everyday usage quickly is probably as indicative of our current culture as the abbreviations themselves. We never seem to have enough time. We are always in a hurry to get everything done. As a culture we seem to look for ways to save time, such as fast food, drive-thrus and DVRs. We have to have our cell phones with us, because we are rarely home and always want to be in touch. Abbreviating our text and chat messages saves us time and keystrokes and in some cases, money.
So... IMHO relax, chillax. Go have a 'fluffy', get a 'fish pedicure' or do some 'bridge-ups'. The English language is not being destroyed, it is alive and well and growing and changing. I'm glad we still find time to talk to each other at all!