Am I right that the html rendering in the Flex text control does not support the style attribute of the <font> tag?
<mx:Text width="100%" >
<mx:htmlText>
<![CDATA[
This is <font style="background-color: yellow"
>yellow</font> text.
]]>
</mx:htmlText>
</mx:Text>
I need to delimit sections of a string by background color, but still get
the automatic ellipsis behaviour if the string is too long.

