I have been using the the new text styles in Vectorworks 2011 for a short time, but already I love them. Today, I had to teach a Vectorworks user on Vectorworks 2010, and I wanted to use a text style to change the text on the drawing. Of course you can change the font, size and so on with Vectorworks 2010, but it is just is much quicker in Vectorworks 2011.
When you specify a text style, the block of text will always use the settings from the text style. If you edit the text style the block of text will update.
Locate the text style in your library.
I have posted youtube movie giving you a quick introduction to text styles: