Post formatting is fairly basic in LightPress and caters to the "what you type is what you get" crowd. But it's easy to expand LP's formatting abilities by using the PreFormatted 2.0 plugin.
Normally WordPress formats posts only when they're displayed (wasting rendering time and server capacity in the process). The PreFormatted plugin rearranges formatting plugins like Markdown and Textile so that they're only active in the backend, saving a formatted copy of the post to the database. If you use this plugin in the WordPress backend then the formatted data is available to your LightPress site.