You can modify strip.text.x (or strip.text.y) using theme_text(), for instance

qplot(hwy, cty, data = mpg) + 
      facet_grid(. ~ manufacturer) + 
      opts(strip.text.x = theme_text(size = 8, colour = "red", angle = 90))

Update: for ggplot2 version > 0.9.1

qplot(hwy, cty, data = mpg) + 
      facet_grid(. ~ manufacturer) + 
      theme(strip.text.x = element_text(size = 8, colour = "red", angle = 90))