Yes, if there's a power failure, your document will reopen based on the last autosave. You can alter the time between autosaves using Tools/Options/Save and select the number of minutes.
If you have Office XP or 2003, you also have the document recovery feature which will automatically open in the event of a sudden shutdown without saving.
I don't remember Word having a proper save at regular intervals.
Excel made use of an addin to force regular (proper) saves as it did not have autorecover.
However, that is a mixed blessing. Yes you can lose an hour's work without it. But a proper save clears the undo buffer so immediately after an automatic full save you lose the ability to undo steps before the save. On balance, in Excel I prefer to control my saves.
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