Change multiple different words in a block of text at once.

Yeah i see what you mean, - selecting a bunch of words then choosing a format could be nice.
Not sure this does exactly what you want, but using the eyedropper you can select a format, and then just apply it to indivisdual words using the 'option' key to turn the eyedropper into a 'paste style cursor' - so it works same as in InDesign to 'paste the style' onto the text one word at a time non-contiguous...