Text (ET): Change the text of target spell or permanent by replacing all instances of one color word with another. ; Retrace.
The text change has no duration, so if used on a permanent, it lasts until the permanent leave play. If used on spell, it lasts until the spell finishes resolving, unless the spell becomes a permanent, in which case the text change stays with the permanent until it leaves play. [Eventide FAQ 2008/07/08]
It can change colors with "non" in front, such as "nonred" to "nongreen". [Eventide FAQ 2008/07/08]
It only affects text on the card, not text added by effects or text of abilities that are affecting the card. It also doesn't alter reminder text (such as that for the Fear ability). [Eventide FAQ 2008/07/08]