Default text scale factor under Project Options.

There is a preferences button which allows the saving of multiple settings under a named group of preferences. Unless it is changed by another setting, and preferences saved with the name Default will load automatically when the product is started. There are also a Survey Options dialog box and it has a Preference button too. If opened and there is nothing in the list, it means there is no saved preference and it is loading some default setting written into the program. All you need to do is use the Save As button and enter the name Default if there is not Default preference. If there is already a Default, you can make any changes you want and then when you select the Preference button, select Default in the list and press the Save button. This will write the current setting as new values for the Default preference.

There is a preferences button which allows the saving of multiple settings under a named group of preferences. Unless it is changed by another setting, and preferences saved with the name Default will load automatically when the product is started. There are also a Survey Options dialog box and it has a Preference button too. If opened and there is nothing in the list, it means there is no saved preference and it is loading some default setting written into the program. All you need to do is use the Save As button and enter the name Default if there is not Default preference. If there is already a Default, you can make any changes you want and then when you select the Preference button, select Default in the list and press the Save button. This will write the current setting as new values for the Default preference.

Does any version of Inroads/Openroads/Etc. recognize Annotation scale yet? That would be really nice. I can set up styles that use my text styles, but then they don't apply annotation scale, so my text style is useless (IR SS2).

Thank you for this answer, it worked. However when I was trying to figure my problem out, the boxes were grayed out to save it as a preference. I guess a weekend kicked my program into working correctly.

If you are sharing an XIN file among multiple users, the first person to launch InRoads gets read-write access and everyone else gets read-only access. When that person exists, the file remains read only for everyone until one of them restarts, or uses the Right-Click menu on the filename in one of the two panes the InRoads Explorer and selects Read-Write.
This menu can also be used by the person with Read/Write Access to release the file by selecting Read-Only, so another person can take Read-Write access.
The option for saving preferences are grayed out for anyone with read-only access.

@MaryB - Annotation Scale is used a little more in SS4 (Cross section if I am right) then fully used in Openroads because all annotations are based on MicroStation standard capabilities.

@Lucas - I could complete the answer by telling you about the Preferred Preference (Project Default). It is the preference name that will be search and use, if existing, for all commands in Inroads. By default the name is "Default" (that makes sense) but you can set whatever you want. "Refresh Command Settings on Preference Change" (Project Options) could also be used to always use the preferred preference (ON) or last used setting (OFF)

My favorite InRoads convoluted explanation is explaining the default preference: "By default, the default Preference Name is Default!"
Pure Gold!