The simple formatting applied by a paragraph format is not much to write home about, much less to advertise on a résumé. Heading 1, for instance, is generally displayed in black and bold using a large Times New Roman font. (Yawn.)
To really make your Web pages stand out, you may want to apply different fonts, colors, sizes, and styles to your text. Unlike paragraph formatting, which applies to an entire HTML paragraph, you can apply character formatting to any selection of text, whether it's a single word, one sentence, an entire paragraph, or your whole Web page.