A family of Microsoft word processing software products for creating web, email, and print documents.
After poking around in more obscure locations I've found the likely cause of this (was for mine). The document being worked on is not in the current Word 2010 file format and therefore not compatible with Equation 3.0.
Solution: Click File tab, under Info, you should see there a "Convert" button indicating "Compatibility Mode". Click that to convert the document to a true Word 2010 file, thereby allowing use of the new/enhanced features, including the Equation Editor!