Well the next question from my 3Rd Floor Flat user was "So do I need to use that big long formula every time I want to title case something?" and of course for a common task for a user that's not ideal. First thought was to wrap it in a macro, but that feels like overkill for a simple task. Then I remembered something I had seen in the Software Developer's Kit - FormulaAddIns!
Did you know it is possible to create your own functions to appear in the formula tool? And what's more for ones which can be built using existing functions it's really quite easy.
For the lack of a better name I've called my new function TITLECASE2 and if you create the folder
then restart Alteryx you will find TITLECASE2 appears right there in the function list under TITLECASE; giving me the elegant solution I was looking for. I think the xml is fairly self explanatory, but let me know if you have any questions on it.