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// Fully themed field, with label and multiple values:
$output = $node->field_foo->view($view_mode);
$output = $node->field_foo->view(array('type' => 'some_formatter', 'settings' => array(...)));

// Single formatted field item:
$output = $node->field_foo[0]->view('full');
$output = $node->field_foo[0]->view(array('type' => 'some_formatter', 'settings' => array(...)));