Neural,

  If you donot want to compromize figure's quality, based on my long experience on such conversion, I suggest you to use Adobe illustrator to open eps files and from there, you can directly insert to MS word. If you use the correct way to insert eps file from Illustrator, I can bet you the Quality of the figure is better than JPG or PNG or GIF format and size of the word file is substantially reduced. As someone pointed above, I am not mentioning here how to convert Latex text in to world text.

 Good luck.