In the FTM Version 16 it was a book module called a Text Item. in FTM 2012 it is called a Smart Story. It is under the category of modules called Other.
In all versions it is basically a word processor, and you can write what you want like all word processors.
The FTM Title page is the FTM word processor document with a macro to put the information into it. I never use the basic FTM title but change it to add the primary family, a list the subfamilies, print date, etc. I also put my name and contact information on the front page.
In FTM 16 I used to write what I wanted in Word Perfect and copy it to the FTM text document, but since the Word processor is greatly improved in FTM 2012, I now write directly into FTM.
I wish FTM would add a macro to add the current date to an FTM title page so when I printed a book it would have he current date the information is being taken from the database.