One of the big players in web design is as z-component pointed out Dreamweaver...the other two are Flash (same company..Macromedia) and finally hand coding in HTML I believe...(might be wrong...don't actually *do* webdesign myself).
If you want more of a 'design by eye' sort of approach then flash is the way to go, but be aware that it has its own little language which is actionscript. Dreamweaver is heavier on the HTML side but from what I know about Microsoft programs I expect that the degree of control you have either in Dreamweaver or even pure HTML is far greater than you would have in Frontpage. (might be wrong, but the field I work in has shown that most MS office applications can cause severe migraines when trying to wrangle some use out of them).