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In OUIEditableFrame.m, you'll find this line of code:

    self->flags.showInspector = 0;  // Temporarily disabling the text style inspector since it isn't quite ready for prime time
None of our apps (yet) use the text style inspector, so while we are still working towards fixing its bugs, we leave it disabled.

At one point we had the text inspector come up from the inspector toolbar item. I'm not sure if it does that at the moment, but it definitely is included on the text selection context menu.
CTO, The Omni Group