Or just an undocumented non-feature;
According to MSFT:
TEXT(value,format_text)
Whe
Format_text is a number format in text form from in the Category box on
the Number tab in the Format Cells dialog box.

So: If Cell A1 has the number 2, in cell B1 I put a formula
=Text(A1,"[red]0.00;[blue]0.00")
where
[red]0.00;[blue]0.00 works just fine as a number format from the category
box of the Number tab in the Format Cells dialog box.

Thougths appreciated.