In Word 2007 this shortcut does work. However, I find Word's UI responsiveness for this shortcut a bit slow (only a few microseconds, but still..), so it doesn't really feel very natural using it. If you have never used this feature, I understand your response. I never felt a need for it either, until I discovered the feature in Eclipse and started using it. It is a very natural way of moving paragraphs, once you get used to it. And I miss it in the editors that don't have it.