I use QGIS to map and store local history data. Because of this my point attribute data contains a lot of text. Since the textbox are so small it's hard to use and present the information. Is it possible to view this data in a way simular to Google Earth?
I think using HTML map tip is what you want, to activate it open the Layer Properties dialog for a layer and select the Display tab, there you could configure the map tip (use HTML and CSS) to show the information you want when you hoover above a point in your map.
see this blog post from Nathan Woodrow for an exemple.