MySMS stores all of your messages in the cloud, and have a web-client that enables you to send SMS messages directly from your PC or laptop keyboard - which is a big advantage over tapping out a complicated message on a touch screen - no matter how good the text correction is.
The potential of this service is that your SMS messages are always in the cloud, and so the issue of migrating text messages from device to device would go away. Effectively this would become the GMail of SMS.
Besides the web client, MySMS is available for iOS, Android, and now Windows Phone 7.5. Unfortunately though, limitations of our favorite Microsoft phone platform mean that this implementation is comparatively limited compared to the other versions. For instance, applications do not have access to the SMS inbox, so it's impossible for MySMS to synchronize messages already stored on your device, and thus it cannot intercept incoming messages.
Another limitation of this version of MySMS is that the only actual SMS you can send to non-MySMS users is an invitation to join the service. Therefore, on Windows Phone 7.5 you can only message other MySMS users, which unfortunately holds back its functionality.