The family names listed correspond to the generic names in listing order; however, they are not provided by Microsoft. Internet Explorer uses the following substitutions for the generic fonts at my place: Times New Roman, Arial, Comic Sans MS, Blackadder ITC and Courier New. Times, Helvetica, and Courier are correctly substituted if declared; the other ones are not.
It should be noted that Comic Sans MS is a compatible replacement for Zapf-Chancery but Blackadder ITC is radically different from Western (both are decorative, but around different motives). A cursive font is better known as a script font; that does not necessarily mean a running script. Indeed, both Zapf-Chancery and Comic Sans MS have block glyphs. A fantasy font is a decorative font; nothing can be assumed about the shape and character of the glyphs except that they are decorative.
The CSS 2.1 specification orders that font families should be tried to find a missing glyph in order of declaration. Internet Explorer 7 ignores this rule: if it cannot find a glyph for the character in the first font family it is able to find, it ignores the remanining font families declared and uses Lucida Sans Unicode instead. This is unfortunate because the latter does not contain many important glyphs, e.g. for angle brackets ⟨ and ⟩. These glyphs are provided in the typefaces Symbol*, Cambria Math and Arial Unicode MS — the latest belongs to the Microsoft Office suite.
*The Symbol typeface renders as empty boxes in IE8 standards mode. There is a commercial replacement called Symbol Std from Monotype Imaging but it is not included in Microsoft Windows, and Segoe UI Symbol is included in Windows 7.
FONT-FAMILY: SYMBOL, "ARIAL UNICODE MS"
The rule works in IE8 but gives incorrect results when such text is pasted into Microsoft Word. Microsoft Word chooses to use Symbol font for such ranges, and the glyphs displayed are unrelated to the original characters.