I love Word and Excel. I think Word 2011 is a lot better than Word 2010, a huge improvement over 2008, and is way better than Pages for what I do. I tried using Pages to write a paper once and it was a disaster. Pages is fine for writing letters and short documents but Word is a work horse.
Word 2011 is extremely stable for me, easier to use, very powerful. It is my 2nd most used program and I think that Microsoft did a great job.
Also, I hope Microsoft doesn't implement Versions until Apple gets its head out of its ass. Versions paradigm is way too dangerous when you are working on important documents and need to be in control. I haven't lost a document due to not saving in over 2 years, but in less than 3 months with Lion I had three sets of data corrupted and had to find an alternative to TextEdit just to keep my data safe.