Yes you can Format your texts with bold italics and a strikethrough, to format your text in Google Buzz use the following methods . You can make a text bold by placing a word in between “ * ” , italic by placing a word in between “ _ “ and
strikethrough by placing a word in between “– “ , you can also use this In Your Google chats (Gtalk)
*Hi this is a bold test*
_Hi this is a italics test_
-Hi this is a strikethrough test-
NB : Don’t put space after the symbols.