When displaying AutoCAD annotation in ArcView 3.1, it appears larger than it did in ArcView 3.0a.
Source code change in ArcView 3.1.
The original problem was ArcView 3.0a rendered AutoCAD text entities too
small. This was especially apparent when comparing the size of the text
entities relative to the size and position of other entities in the drawing. This was corrected in ArcView 3.1 for true representation of text size. Because ArcView and AutoCAD use entirely different methods to display annotation, it is practically impossible to reproduce the exact appearance of AutoCAD text entities in ArcView. ArcView will, however, maintain the insertion points of the text entities as defined in the drawing file, and you can change the font in the legend editor for the CAD theme.
The size of AutoCAD annotation will be the same in ArcView 3.2 as it is in ArcView 3.1.