In this Quick Tip screencast, you'll learn how to create a circus-style text effect that you can apply to live type. Using only the Appearance panel, you'll see how to add strokes, fills and effects to the text to create the different components of a lighted sign. Once all the elements are in place, you can save the overall effect as a Graphic Style to use with any live text.
The Appearance panel is one of Illustrator's most powerful and versatile features. Here are a few more tuts and tips that use the Appearance panel with type:
Quick Tip: Create a 3D Retro Text Effect With the Appearance Panel
How to Create a Varsity Lettering Effect in Adobe Illustrator
Quick Tip: Create a Shiny Text Effect With the Appearance Panel