When using the WYSIWYG editor in IE, the WYSIWYG at first shows that the font is Arial 8pt. However, as soon as you click in the text area of the WYSIWYG, the displayed font changed to Times New Roman 12 pt. When you type text, it appears in TNR 12pt.
When using FF in OSX and XP, even when you click in the text area, it still shows Arial 8pt. However, when you actually type, the text appears as Times New Roman 12pt. The font selection and font size selection otherwise work properly.