Excel hasn’t quite made that leap yet but ... The Chart Tools > Format menu: Insert Shapes, Shape Styles, Word Art Styles, Arrange, and Size works just like the Format menus on Smart Art ...

6. Word Art As in Word, you can enter stylised text or Word Art objects in Excel. Select 'Word Art' from the Insert tab on the ribbon in Excel 2007 or choose 'Insert Word Art' from the Drawing ...