FBlit and FText use the Amiga Blitter to speed up graphics and text operations, respectively. They're both free on Aminet and are pretty much "must-have" utilities, especially for non-accelerated (<68030) or non-graphics card users.
That is backwards. FBlit and FText patch graphics.library so they don't use the blitter anymore.
They are most effective if you have 68030 or later, on an unexpanded a500 for example it would be slower than using the blitter (it may even refuse to install).
I can't see it in betterwb documentation. I'm not convinced that betterwb is better.