Just wait until XEmacs 19.12 is released (beginning of next month (?)) -
it has tty support, and support for faces on terminals that support them.
Can even do blinking. Might even have ANSI color support by then.
Meanwhile, using plain old Emacs 19.2x, you can set the variable
w3-emacs19-hack-faces-p - it uses some weird antics in emacs19 to get
pseudo bold and underlining at least working. Can cause some redisplay
problems though. The DOS version of 19.28 (and 19.29) can do colors, not
sure how genericly that is going to translate to other OS's though.
-Bill P.