Word 2008 and fonts

Hi - I am new to Mac from a PC. Mostly I am pleased, but I miss some of the font features in Word 2007 for PC. Notably, when you select some text, holding your cursor over the text will bring up a shadow menu where you can change the font, font size, justification, and various other features. Also, when you select some text and scroll over various fonts in the drop-down menu, the font in the selected text changes, so you can see what it will look like.

Is there a way to tweak the Mac or Word 2008 for Mac to allow these features? I know there is the Formatting Palette, but scrolling through the fonts doesn't change the selected text.

Thanks