Can I create a new message folder only for text messages (SMS)? I monitor several e-mail accounts (each with their own folder), and the general message folder contains too much to easily see and catch the SMS messages I receive.

From your Message folder, press Menu > Options > General Options > SMS & Email Inboxes, Separate.

Perfect. Thanks!

When I do this how can I make the Messages folder default to SMS texts?

You can't, it will add a new folder to you home screen for SMS messages. If you want your SMS in your messages inbox, don't separate them. They will be combined with your email messages though.

It does not create a new folder for me, it is not hidden either. I am on OS4.5. When I receive a new SMS I get a new message alert and the indicator has a new looking icon but I can not view it unless I open the Messages folder (where my email is now that I seperated them) and go to view folder and change it to SMS.

What theme are you using? Try switching themes and see if that helps.

I am using the AT&T theme and tried the BB Dimension theme, no go.

I am still having this issue. Any ideas?

Not sure why you're not seeing separate inboxes if you're changing that setting in options.

One shortcut for you, though, is to hit Alt+S when you're in Messages - that'll get you to SMS a little quicker than the menu.