FormattedText is defined as a subset of XHTML that is enhanced with SAP specific tags.
There are two UI elements that you can use to display and/or edit formatted text:
FormattedTextView
FormattedTextEdit
With FormattedTextEdit, you can use the same formatting options as for FormattedTextView, but the user only can use a subset of it.
The following UML class diagram illustrates the relationships between the classes with regard to FormattedText.