I would hope that it is possible to add in our own styles John, but the bigger issue for me was that there's a bug in it where it initially didn't even provide standard html tags to choose from - I found the answer to that by chance (note to mods, that really ought to be a sticky).
The way you add your own styles in HTML Editor 3 is crap at the moment (we've been promised a dot release to address this for over a month now, still nothing as of the time of writing this reply), so hopefully once they've addressed the issues with HTML editor 3, they will apply the same fixes to CMS Builder.
As I've said in other posts, WA need to improve their documentation and get some decent QA testing done with their extensions before commercially releasing them, we're your customers, not your testers.