This is a component I developed for the sake of simplifying the process of formatting html-text in Flex.

Check it out:
Demo
Source
Documentation

HTMLStyle works pretty much the same as the tag and is also applicable in Actionscript code. Used in mxml this is the simplest form of how the component can be used:

The component also has a source property which can be set to target an external css file..

If you have any ideas or feedback please drop a comment, I'm very curious as to what you all have to say..