I was watching a CSS video from lynda.com and the instructor showed this:

HTML Code:
<div id="mainBanner">Welcome to the so and so Museum</div>
What caught my attention was that he had text inside of a <div> tag. I know that this will render correctly, but is it semantically correct? Shouldn't text always be wrapped inside of a tag that denotes text, like a <p> tag?

What do you guys think? Have you ever placed text inside of a <div> tag?