Out of curiosity, what is the benefit of this? I'm genuinely asking because I was an extremely heavier user of Pages 09 before they ruined it, but I never tried this.
A newsletter would be a perfect example. An article starts on page one and finishes on, say, page 4. If the text boxes are linked, you can edit the story on page one and it will flow correctly to page 4.
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I can layout my novels for print in Pages 4.3 because it offers mirrored pages. Nothing fancy, but necessary. I still cannot do this with the new Pages.
However, the new Pages works better for book covers because it has a master page function.
I use them both.
Neither allow for true small caps, though. Sadly.