EchoMode controls the display of text in the widget.
If set to emNormal, then characters typed are shown normally (well whitespace characters are not 'seen' unless there are non-whitespace characters bounding them).
If set to emNone then characters typed are not shown in the control (though they are added to the Text property), even if Visible is True. This is probably the least useful EchoMode, but it has its place.
If set to emPassword, then for each character typed a mask character (widgetset-dependent, often *) is shown rather than the character typed, though, again, the Text property contains the string of typed characters, not the masking string.