Pagemaker 3 for Windows (comes with Windows 2 runtime environment) blows the doors off Word XP for actual page layout work.

Impression (a rather splendiferous program for the late and very lamented RISC OS) is similarly much better equipped for the laying out of pages than Word. And it fit on a single floppy and ran in 2MB of RAM. (I did much of my college and University work in Impression).

Word's ability to mix graphics and text on a page is, in fact, so bad that if I (at work) have a two-page newsletter or similar document to compose, I'll actually do it in Powerpoint. It's less painful.