Initial Letter is a WordPress plugin that adds style options so you can change the size, color, and font of the first letter of each paragraph within a post. Currently, the plugin applies this style to all paragraphs within elements of class
Here’s some background to this style: http://en.wikipedia.org/wiki/Initial
Screenshot of a Post
Screenshot of Options Page
12/22/12 1.1 – Added option to only apply style to the first paragraph.