I tested this on my site, on one page, with photos being used in the rounded1 style, as well as the dropcap and the quote.
No, to answer some folks who could not get this to work on some piece of text, it won't work everywhere. But that is sometimes the price you pay for free GNU stuff. However, as I see for most people, this is working.
It certainly worked for me, and is allowing me to create a more stylized site without having to noodle with lots of CSS -- and I'm a web front end coder myself. For my own site, I prefer NOT to noodle with code. I just want to be able to create content, and make it look good, and that's why i use Joomla!
And this extension ROCKS.