Is that true? It won't re-format already typed text? Did you try to select all the text with the type tool?
I think maybe you need to create a box for the type then you should be able to change anything you want. Take the type tool and hold it down, click,hold and drag and a box will form...the cursor will then be blinking for you, waiting for you to type. After typing you can re-format stuff in there.
I realize this has become moot, but maybe the future will justify learning this...