1) Change the Font of the bubbles to match the font of the chatframe, and size the font however you like
2) Change the outline of the chat bubbles to match the type of chat
3) Enable display of raid icons
4) Enable dynamic compression of the chat bubbles so they only display 1 line of text (unless you mouse over them) (Off by default)
To bring up an options panel use the command /bubbilicious or the blizzard interface options panel.
The font for the chatbubble will be set to the same font used in ChatFrame1. You can set the font size to a different size via the options panel (currently allows sizes from 8-32).
The outline of the chatbubble will be set to match the color of the text in the chatbubble.
Raid icons are self-explainatory
The dynamic chatbubble compression is off by default. When turned on, chat bubbles will be shortened to 1 line with "..." at the end. Mouse over the chat bubble and it will expand to full size until you move the mouse out of the chat bubble.