I’ve just released version 1.0.4, which involved me getting to know more about how to configure tinyMCE. The bottom line is:
If you add classes to an own style, they will work in the visual display area, but not on the menu items.
If you add inline style attributes to an own style, they will be applied to their menu items, *except* the color attribute. I don’t know why this is, I just observe that it is. Also happens for “WP Edit” (Josh Lobe) when you select its “Add Predefined Styles” option, and Josh sure must be the expert here. NOTE: The cutting out of color attributes is not mandated by tinyMCE itself – if you go look at the examples on tinyMCE’s website, the inline color attribute is applied to menu items, meaning it must be the WordPress API which is cutting it out. Maybe this is what got you confused.
NOTE: In general I strongly discourage use of inline style attributes, they get written into the code of the page/post at the time they are selected and would ALL have to be changed manually if you later need them to look different. That’s the whole idea behind using Classes – similar to style templates in word processing.
Hope this helps, sorry for late reply!
Tim