Here are a few ways to change your text formatting in a Google+ update or message:
Use asterisks to bold words.
*Bold* will become Bold
Use _ to make words in italics.
_italics_ will become italics
Use – to make words in strikethrough
-strikethrough- will become strikethrough
You can also use all formatting together
*-_BoldStrikethroughItalics_-* will become BoldStrikethroughItalics
Add bullets by holding down ALT then 8.
- ALT+8 makes a bullet
Mention Google+ members by using either + or @
+UserName or @UserName allows you to link to a specific person in a post (and they may be notified of the post depending on their settings).
You can add symbols and other special characters with copy/paste:
- ☺ ☻ ♥ ♦ ♣ ☾ ♖ ✄ ☮ ♬ ► ◄ ㋡ ♪ ☼ ★ ☛ ☜
Check out this spreadsheet with a complete list of symbol codes.