// Swap 3D Text font color each second
// Add this script to a text mesh object
private var flag : boolean = false;
private var rate : float = 1;
private var t : TextMesh;
function Update() {
    t = transform.GetComponent(TextMesh);
    if(Time.time > rate) {
        if(flag){
            t.font.material.color = Color.yellow;
            flag = false;
        } else {
            t.font.material.color = Color.red;
            flag = true;
        }
        rate += 1;
    }
    t.text = "This is a 3D text changing colors!";
}

using UnityEngine;
using System.Collections;

public class example : MonoBehaviour {
    private bool flag = false;
    private float rate = 1;
    private TextMesh t;
    void Update() {
        t = transform.GetComponent<TextMesh>();
        if (Time.time > rate) {
            if (flag) {
                t.font.material.color = Color.yellow;
                flag = false;
            } else {
                t.font.material.color = Color.red;
                flag = true;
            }
            rate += 1;
        }
        t.text = "This is a 3D text changing colors!";
    }
}

import UnityEngine
import System.Collections

class example(MonoBehaviour):

    private flag as bool = false

    private rate as single = 1

    private t as TextMesh

    def Update():
        t = transform.GetComponent[of TextMesh]()
        if Time.time > rate:
            if flag:
                t.font.material.color = Color.yellow
                flag = false
            else:
                t.font.material.color = Color.red
                flag = true
            rate += 1
        t.text = 'This is a 3D text changing colors!'