In order to change the appearance of the highlighted text, you can invoke the menu by performing a tap-and-a-half. It consists in tapping once and then touching the screen.
By dwelling (that is, holding your finger still) more than half a second, the menu appears.
If you're in a submenu, you can go back to the parent menu with a single tap.
This demo works best with a webkit-based browser (Google Chrome or Safari).