Ha! I've seen the Omega button in the visual editor but I don't think I've ever clicked it. So THAT's what it's for. All this time, I've been going to Google, searching for the word with the special characters and just copy pasting it into the editor. For example, Déjà Vu. Considering I rarely write anything using those special characters, I'll probably never use it.

Also, since I'm trained to just go to Google first, I'd probably end up doing that instead of using this area of the editor out of habit. Since it's only available in the visual editor, I don't mind if it stays for those that use it.