So, to be clear, it works on a per-story basis. It will enlarge or reduce all text (and indents, tabs, tables, etc.) proportionally that is threaded together in a single story, to fit the available space. So, if you have 4 text frames on 4 separate pages, all threaded together, and you notice that the last frame has some overset text, you would select one of the 4 frames, run FitText, and all the text in all 4 frames will be reduced by the same percentage to eliminate the overset text. Anything else on those pages, though, that is not part of the threaded text, will not be changed in any way. So, for instance, graphics that ARE anchored to the flow of the text in those 4 frames will be resized. But graphics which are placed on the page and are not part of the text flow will not be changed.
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