Using image styles and term references I have a taxonomy called sponsors with an image field attached. Then I have a content type with a field-collection and inside of the field collection I have the term reference.  So when the admin creates a content type they can choose a sponsor and I setup a view to show the image.  However, they would like to have 3 different sizes to choose from when creating the content.  Is it possible to provide them with a choice of image styles almost like the Insert module let's you do?

UPDATE:  Looks like it's going to be custom code.  The formatter module is nice, but it does not suite the needs for my particular use case.
The Formatter Field module was made for just that:

The formatter field module provides a mechanism for specifying a formatter and formatter settings to be used for displaying a field, on a per-entity basis. By default, Drupal provides formatters and settings per entity bundle, but in certain situations it is necessary to choose the formatter at the entity level.
For example, say you have a page node with an image field. Normally, you would select an image style as the formatter, and all page nodes would use that same image style. With this module, you can add a formatter field to page nodes, which is hooked up to the image field. Then when the node is created or edited, the image style can be selected per-node.

There are some steps on the module page I'd recommend reading before diving right in, it's not immediately obvious how to make this module work.