I'm using 4.0. Is there a tool similar to the Format Painter in Excel and Word that can be used to quickly format a number of text objects based on the properties of one?
But, for generic formatting changes, open up the 'Properties' window, CTRL-CLICK select all of the objects you want to apply a format (or size, or color) to, and make the changes in the 'Properties' window. Those changes will be applied to all selected objects.
Note that text/color format changes done this way do not work on complex objects.