But there is no way back! It's not possible to paste formatted text into an object. In fact it is not even possible to copy and paste formatted text from one object to another, or into the next line on the same object.
It would be useful to be able to do this. After creating a chunk of formatted text in one object, and wishing to move it from say a rectangle to a callout, or use it as a Text object, if it gets pasted back in as plain text it has to be formatted all over again.
Unless I'm missing something obvious?
(Well there is a way -- change the .xplain extension to .zip, unzip it, edit the XML in Notepad++, copy and paste from one object to another, hopefully without making a mistake, save the edited XML, zip it up again, change the extension back to .xplain, lose the will to live.

cheers,
Martin.