Looking at the updated Pages website, it's a desktop version of Pages for iCloud. Simplified inspector and all. And they changed the file format so my iWorks '09 on my older iMac running Lion can't open the new files, at least if Apple doesn't upgrade it.
I would like to assume Apple will update the existing '09 install base going back to Snow Leopard. It's bad enough that I don't have iCloud access on 10.7 Lion built-in like with 10.8 ML, but at least I've been able to work around it using Dropbox. And the files work seamlessly between 10.7 and 10.8 versions too.
Even so, if Apple is dumbing down the UI to match the web suite, I'll probably be moving my projects back to the more powerful and more cross-platform Office.