I tried changing the color of some of the text in one of my news items, but it still appears in the default color when displayed.
Also, a few little annoyances. First, after editing or adding a news item the text for that item is left in the News Item Text field instead of it being cleared. Second, the Exit link doesn't take you back to the page the module is on. Every other module I've used, including some of yours, have a way to get back to the original page.
Finally, what is the current version of this module? I've got 1.3, but your web site says that 1.5 was tested by DotNetNuke.