I came up with the conclusion that I would be much more comfortable with having the formatting options in Tomboy in the toolbar. Of course polluting the toolbar with loads of formatting options is not a good idea either. I came up with the idea to have the very basic formatting options in the main toolbar and then at the end of it have a +/- to expand/hide a second toolbar with additional formatting options. Check out the mock-up below and drop your comments at #433616 . Feel free to shoot out my idea.
[[Image:software/tomboy-toolbar-mockup.png|center]]