OK, I determined that my approach was fundamentally flawed and that you really aren't supposed to be able to copy annotation feature classes via Oracle table editing. What I wound up doing was use a feature cursor, a TextElement and an AnnotationFeature object to set the Annotation property for each feature. I know I could optimize this by using the SymbolCollection object to store the symbol properties once for the feature class, instead of once for each record, but that wasn't required at this stage. The code looked something like this:
'set up the feature buffer to insert the new features
pFCursor = pFClass.Insert(True)
pFeatBuffer = pFClass.CreateFeatureBuffer()
pFeature = CType(pFeatBuffer, IFeature)
'** Create TextSymbol, Font and TextElement for Annotation feature
Dim pElement As IElement
Dim pTextElement As ITextElement
pTextElement = New TextElement
Dim pTextSymbol As ESRI.ArcGIS.Display.IFormattedTextSymbol
pTextSymbol = New ESRI.ArcGIS.Display.TextSymbol
Dim pFont As stdole.IFontDisp = CType(New stdole.StdFont, stdole.IFontDisp)
pFont.Name = myFontName
pFont.Italic = myItalic
pFont.Underline = myUnderline
pFont.Bold = myBold
pTextSymbol.Font = pFont
'** Font size must be set on TextSymbol, not on Font to avoid font-sizing problem with stdole library
pTextSymbol.Size = myFontSize
pTextSymbol.VerticalAlignment = CType(myVAlign, ESRI.ArcGIS.Display.esriTextVerticalAlignment)
pTextSymbol.HorizontalAlignment = CType(myHAlign, ESRI.ArcGIS.Display.esriTextHorizontalAlignment)
pTextSymbol.Angle = myAngle
pTextSymbol.CharacterSpacing = myCharSpacing
pTextSymbol.CharacterWidth = myCharWidth
pTextSymbol.FlipAngle = myFlipAngle
pTextSymbol.Leading = myFontLeading
pTextSymbol.WordSpacing = myWordSpacing
pTextElement.Symbol = pTextSymbol
pTextElement.Text = myText
'** set Element equal to TextElement and get lower-left point from input polygon geometry
pElement = CType(pTextElement, IElement)
pElement.Geometry = CType(pGeometry, IPolygon).FromPoint
'** set AnnotationFeature.Annotation property to newly created TextElement and point geometry
Dim pAnnotationFeature As IAnnotationFeature
pAnnotationFeature = CType(pFeature, IAnnotationFeature)
pAnnotationFeature.Annotation = pElement
pFeature = CType(pAnnotationFeature, IFeature)
pFCursor.InsertFeature(CType(pFeature, IFeatureBuffer))
pFCursor.Flush()