I had a go. I'm positive there's an easy way to do this in mops, but I'm a masochist and enjoyed the challenge of doing this from scratch. Definitely look into mops if you want to do more of these kind of things!
The vex looks a bit scary, but its mainly a few ramps controlling when and how the chunks get moved:
get a horizontal ramp from the bounding box
run it through a few channel ramps, each ramp controls a different part of the effect; eg a ramp that tells the noise to start at 0, go to 1, then back to 0, while another ramp determines when the pieces morph from word A to word B, while others control scale
add time to the ramped values, clamp it, so that it slides through the words
modify the transform of each chunk. make chunks from word A start with a scale of 1, then scale to 0, while word B does the opposite
word A chunks start with no rotation, then gradually start to rotate while they scale down, word B does the opposite
finally blend (lerp) the positions from word A to word B, adding some animated noise in the middle bit as they move. The cross-fading of scales hides the transition between word A and word B.