What WYSIWYG editor allows me to select styles from a dropdown 'out the box'?
CK Editor is the best in my opinion, and it should provide this option out of the box - it is a shame about the bug. In Drupal 6 I use drop down styles for all the line stuff and templates for including more complex block level elements such as jQuery show/hides. I really cant recommend enough how well it works. I suggest that you try the patch before ditching ck editor and seeking an alternative...

Drupal 7 is still pretty new so you will encounter small issues such as you describe, if you are dealing with bleeding edge this is something you have got to expect... otherwise use Drupal 6