ID3DXSprite vs a textured square

Can anyone tell me, is there any big difference between these two?
Can I use effects with sprites?
Can I render text to texture?(without rendering it to a sprite first)
replies greatly appreciated
This is really more of an API question than a C++ question. You'd probably get better results in a DirectX forum. (I assume ID3DXSprite is from DirectX, no?)
Indeed it is. I figured that many of those who know c++ may be familiar with DirectX as well.
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