I think that initial drop caps on a fancy paragraph look good. I've put together three examples on this page that seem to work for me. You may consider using a different color for the initial character—whatever looks good to you.
First example
This example is the simplest and easiest to type but doesn't emphasize the first word. It also doesn't have any difficulties if there is only one line of text to display. The quick brown fox jumped over the lazy dog. The quick brown fox jumped over the lazy dog. The quick brown fox jumped over the lazy dog.
Second example
This example uses independent span elements. The parent element will need its bottom margin modified if there is only one line of text to display. The quick brown fox jumped over the lazy dog. The quick brown fox jumped over the lazy dog. The quick brown fox jumped over the lazy dog.
Third example
This example uses nested span elements. The parent element will need its bottom margin modified if there is only one line of text to display. The quick brown fox jumped over the lazy dog. The quick brown fox jumped over the lazy dog. The quick brown fox jumped over the lazy dog.