Features missing from Pages 5
Here are some of the problems I have found with Pages 5:
You can’t edit or even view facing pages. If you open a document with facing pages, it will be completely messed up.
You don't appear to be able to link text boxes any more, certainly not from page to page.
You can't duplicate or reorder pages. You can only delete a page with the delete key, but only with certain types of pages (I haven't worked out the pattern yet).
You can’t edit the toolbar to add frequently used commands.
You can no longer drag page guides out from the ruler. And the vertical ruler is gone.
You can’t paste an image from the clipboard into media placeholders any more. I couldn't even paste an image from the clipboard onto the page. I literally have to paste it into Pages 09, then copy and paste it again into Pages 5. Even then, I still can’t paste into the placeholder. And it’s now a PDF so I can’t adjust the image in Pages.
Changing the object wrap setting does not update the page rendering.
Every time you work on a table, a whole bunch of controls appear around them even when you are simply editing the contents, and tab no longer selects the next cell in a table.
Adding rows to a table does not always intelligently extend the current formatting. You used to be able to select borders in a table, even individual borders for each cell; this doesn’t seem to be possible any more.
Randomly the word ‘text’ appears in my existing text boxes. It doesn’t print but it’s annoying, especially as it causes the text overflow symbol to appear randomly in my documents.
There's no option to have a single (or multiple) Inspectors to control all open documents. I'll be honest, I dislike the dynamic interface attached to every open document because I have to hunt for commands all around the screen. Like the MS ribbon, it is probably easier for new users, but for power users it's more hunting, more clicking and more wasted screen real estate.
I don't use templates much but I gather they have been cut down and their functionality has been massively simplified.
Find and replace has been hugely simplified. You can no longer find and replace by style, for example.
Others have mentioned you can't use fn keys to specify a style.
Merge fields are gone.
Applescript support has been massively cut down apparently.
Lots more chat about it here:
https://discussions.apple.com/thread/5468056?start=0&tstart=0