If you have adopted Hangouts for conversations you may not realise you can use standard keyboard shortcuts to format your text.
Previously in Google Chat you had to use the Markdown-like formatting (e.g. _ italics_ ; * bold* ; - strikethrough -) which is still utilised in Google+ posts.
Hangouts conversations you can use the standard keyboard shortcuts
Ctrl + b
⌘ + b
Ctrl + i
⌘ + i
Ctrl + u
⌘ + u
Get formatting text in your hangout and spread the word!