I still use Word regularly, and yes there are styles in the ribbon, along with a panel which can be opened as well. But the ribbon only shows six styles (until you pop it open), it doesn't do a good job of warning when you have overridden a style, and it confusingly mixes default styles with user-defined styles.
There are a couple other big fundamental differences with how Word supports styles:
1. Copy/paste behavior. If you copy formatted text into a Word document, it brings the styles with it. If you pull a lot of styled content into your document (including HTML), you must constantly work to restyle the imported content. FrameMaker (IIRC) helps you remap the pasted text to existing document styles.
2. Character styles in Word have always seemed like neglected step-children relative to paragraph styles. Both FrameMaker and Pages treat character styles as full peers of paragraph styles and give them separate picker lists.
There are a couple other big fundamental differences with how Word supports styles:
1. Copy/paste behavior. If you copy formatted text into a Word document, it brings the styles with it. If you pull a lot of styled content into your document (including HTML), you must constantly work to restyle the imported content. FrameMaker (IIRC) helps you remap the pasted text to existing document styles.
2. Character styles in Word have always seemed like neglected step-children relative to paragraph styles. Both FrameMaker and Pages treat character styles as full peers of paragraph styles and give them separate picker lists.