The best approach I find is to assign classes to all of your components and style them in your CSS files. For instance...
var styledPanel = new Ext.Panel({ cls: 'panel-styled', items: [ ] });
And then you have a CSS rule to style it ...
.styled-panel { background-color: #e7e7e7; }
Obviously, this also allows you to group component styles together.
As a side note, I usually use the bodyStyle property to add formatting that is unlikely to change, for example ... most of Windows needs to be supplemented, and this is unlikely to change often, so I stick to this in the bodyStyle property.
var paddedWindow = new Ext.Window({ title: 'Window', bodyStyle: 'padding: 4px;' });
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