What are you trying to do?
Using 5.0.35.3 I was able to change a character's name to %text% and attached the demo I did it with. Doesn't work perfectly but that is more %text%'s fault than the new feature's fault (it strips out capitalization and %PCase[]% only capitalizes the first word, so multiple word names look incorrect when changed).
Test demo with commands like the following and you will see that the new name sticks.
- adrift Code: Select all
x John
rename John to Bob
x John
x Bob
rename Bob to Sam
x Bob
x Same