A family of Microsoft word processing software products for creating web, email, and print documents.
Experiments here suggest that the "long date" default (the second in the list in the Insert->Date and Time dialog box) won't pick up a new format from Control Panel's regional options until you have selected a different default format.
Here, the following worked:
a. In Control Panel, set up the long date format that you want.
b. In Word, bring up the Insert->Date and Time dialog box. Make sure that the language whose format you want to change (English US ?) is showing in the dropdown. It won't if the insertion point is at a location whose proofing language is set to something else such as English (UK), although in that case I think you will be able to select English (US) in the drop down and then proceed.
c. Select a different format from the "Saturday, December 08, 2012" format
d. Click the "Set as Default" button
e. Click "Yes" in the dialog that appears
f. In the Date and Time dialog box, click Cancel
g. click the Insert->Date and Time dialog box again and select the language you want in the dropdown.
If you see the format you want in the list, select it and redo (d) and (e). If you don't, this approach has failed.
Word does keep your default date/time settings in the Office area in the WIndows registry, and it does not appear to impose new settings made in Control Panel (which are stored elsewhere) until you change the default in Word.
It's interesting that for US English, the control panel default is actually the same as the "initial" long date default in the Word dialog ("dddd, MMMM dd, yyyy") but for UK English (say), the default in Control Panel is set to "dd MMMM yyyy". The equivalent of the US long format is set to "dddd, dd MMMM yyyy", i.e. Word prepends a "dddd, ". Indeed, if you actually change the US long format to (say) "ddd, MMMM dd, yyyy" in control panel, in Word you will see "dddd, " prepended so you get the rather unhelpful "dddd, ddd, MMMM dd, yyyy"