The above HTML generator applies styles to the whole block of text. Check out the following if you need to do more.

Loads of HTML/CSS code snippets that you can use to format your text.
Includes font properties, lists, scrolling text, HTML entities, and more.

WYSIWYG editor that lets you format your HTML like a word processor.
If you need more features than the above text generator, check this out.

Provides color charts, color picker, code for applying gradients, background colors, and more.