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I don't know of any way to do this. (I did report it to Microsoft as a feature request a few months ago, so I know they're aware of the issue and the need.)<br />
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One of the other PPT MVPs suggested formatting the text in a dummy text box and using the Format Painter to paint the formatting to the text in the SmartArt diagram. I can't get this to work, though, so I'm not sure it's a viable solution. 
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I don't know of any way to do this. (I did report it to Microsoft as a feature request a few months ago, so I know they're aware of the issue and the need.)

One of the other PPT MVPs suggested formatting the text in a dummy text box and using the Format Painter to paint the formatting to the text in the SmartArt diagram. I can't get this to work, though, so I'm not sure it's a viable solution.

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Thanks. I also tried that idea and could not get the bullet to not show.
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Thanks. I also tried that idea and could not get the bullet to not show.

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In PowerPoint 2007 using SmartArt is it possible to remove bullets but keep the text?
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In PowerPoint 2007 using SmartArt is it possible to remove bullets but keep the text?

Bullet using PowerPoint SmartArt

PowerPoint is a slide show presentation program currently developed by Microsoft. PowerPoint presentations consist of a number of individual pages or "slides" that may contain text, graphics, sound, movies, and other objects, which may be arranged freely. The presentation can be printed, displayed live on a computer, or navigated through at the command of the presenter. Slides can also form the basis of webcasts.