Currently the option for resizing is to go into the visual editor and click on the kitchen sink button. (Click on the thumbnail image to embiggen.)

When clicked it will reveal a second line of option buttons.

Go to the dropdown menu on the left hand side and click the down arrow to reveal the text formatting options.

The options will be previewed in the drop down menu sans color formatting.

Here’s a little preview of the options as they appear by default in this theme:

Paragraph

Preformatted

Heading 1

Heading 2

Although there are options displayed for headings 3-6 they do not display any differently from heading 1 on the final page (don’t let the text editor fool you.)

The button with the large A and a dropdown arrow controls the color selection. To change the color of some text, highlight the text and select your color. If the available colors displayed don’t suit your fancy then choose “More colors” and use the color picker, palette, or named tabs to enter in your desired color.

Heading 1 in blue

Paragraph in Red

Preformatted in green

And so on– unfortunately there is not a great amount of flexibility at the moment, when I have a chance I’ll add in a few more size and style options to use.