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Hi,
Some new magic in the beta ...
\setupbodyfont[pagella]
\starttext
\setupindenting[medium,yes] \setupalign[tolerant]
\definefirstline [fancy] [alternative=line, color=darkred, style=\setfontfeature{smallcaps}]
\setfirstline[fancy] \input tufte \par \setfirstline[fancy] \input ward \par \setfirstline[fancy] \input knuth \par \setfirstline[fancy] \input bryson \page
\definefirstline [fancy] [alternative=word, color=darkblue, style=bold, n=2]
\setfirstline[fancy] \input tufte \par \setfirstline[fancy] \input ward \par \setfirstline[fancy] \input knuth \par \setfirstline[fancy] \input bryson \page
\stoptext
(Actually, it was rather old magic that I found back in an "early days of mkiv" file).
Nice, wikified: http://wiki.contextgarden.net/Command/definefirstline Best, Philipp