Fit Textbox to Text
I love this feature in InDesign and Illustrator. In InDesign if you double click the lower right corner of the textbox it scales to fit. Similarly in Illustrator if you click the handles on the right center or bottom center of the textbox it will scale to fit.
This feature would help better determine handling to padding/margins be more reflective of final development
You can currently fit area text to its content by double-clicking the bottom area text resize handle.
It works both when the text is shorter than the area text box and when the text is larger than the area text box. When the text is larger than the box and truncated, the bottom resize handle will turn red.
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MW van der Walt commented
This is an annoying element from designers in photoshop. They leave 500px height text boxes for a headline of 2 lines. So this feature would help them lazy ones clean up after themselves