The simplest solution is by far using the built-in editing service in ArcGIS Server v10. The text in your symbol is simply just an attribute you bind into the symbol template. The Feature Service also allows you to define the symbology at the server and push it to the client.
I don't see why a feature layer can't be used for "annotations". Just create a new layer, call it annotations, and it's suddenly an annotation feature layer. Or create 3 if you need both point, polyline and polygon.
The blogpost doesn't cover SDE storage. The point of the post was to show how to get geometry to the server side. What you want to do with it from there is all up to you. If the blogpost had to cover all the possible storage scenarios, it wouldn't have been a blogpost but a whole book 🙂