Is there a way to change the macro editor from this default one:

It feels like such a downgrade from Visual Studio 2010. Can I configure Office to use that instead?
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no there is no way to my knowledge, VS.NET does not support VBA.
what you can do if you are creating a new word or excel file is create a managed office solution, having installed the VSTO 2010 (Visual Studio Tools for Office) you are able to create managed documents which are handled inside VS 2010 and the automation language is not VBA anymore but C# or VB.NET instead.
this is a viable solution for new files, for legacy files either you convert them if they are small or you keep old VBA code and old VBA editor as in your picture.
Mark I wish MS made a tool to convert from the old format to the new one! 🙁