In any text area under Windows, you can use CTRL-Right Arrow to move from one word to the next. You can also add meta keys such as SHIFT or DEL to select words or delete them respectively.
How can I do this under OSX with minimal fuss?
you can use ALT-Right Arrow to move from word to the next. and SHIFT-ALT-Right Arrow to select the next word.
You can use FN+Backspace to delete
Yes, what quentin said. On some mac keyboards alt is labelled option.
On the windows keyboard currently connected to my MacBook Pro, the key labelled "alt" is command and the windows key is used for alt/option.