When you create the button it adds some additional elements, some inner <span>
elements that look like this:
<a data-role="button" href="#" onclick="Podcast.consumed(); return false" id="consumed">
<span class="ui-btn-inner ui-btn-corner-all">
<span class="ui-btn-text">Mark Old</span>
</span>
</a>
To change the text, you'll want this selector:
$("#consumed .ui-btn-text").text("Mark New");
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