You can still copy and paste from Word or other sources but you just have to use the Ctrl C / Ctrl V commands. If you've tried this then you may have already noticed but it does not keep the formatting. The old copy & paste function from the old desktop SiteBuilder created problems as there would be some formatting that carried over from Word which caused interference and undesirable formatting once the text was pasted into the SiteBuilder. I do realize that for some people this is an inconvenience, but for the majority of the users it tends to eliminate many text formatting issues.
If you have large amounts of text in Word that you want placed in your site, and don't want to lose the formatting, you can simply save the Word doc as a web page. Then open the file in your browser, right click (you'll see an option to view the source code), copy the page source, and past the html code into an html box in SiteBuilder.
Mike - Ctrl C / Ctrl V doesn't work any better. What finally solved the problem was getting out of Chrome (my preferred browser) and working in MS IE (which I really don't like). Apparently the copy/paste feature on homestead only works with IE. I am now bouncing back & forth between the browsers while I work on updating our website. Homestead should have a big sign somewhere that mentions the fact it only works with IE. The website actually appears quite different on IE vs Chrome.