I am sure that Apple will update iWork sometime soon. One of the reasons for the delay is Apple likes to have small development teams. This team got diverted to work on the iPad versions of iWork. Now that that was done sometime ago, hopefully we will see a new version of iWork soon.
Apple has a different philosophy than Microsoft - Apple takes the approach 'what can we leave out to make the application elegant and easy to use' rather than load the application with every function that they think the users might want. iWork is very much a Home / Small office suite, where Office is more for corporate power users, who need the additional functionality or compatibility with Windows users.
Numbers is the application that is in greatest need of an update, as it is a relatively young and underdeveloped product. It is currently only in it's second generation. It's fine for simple charts and tables, but is not much use for serious number crunching, compared to Excel.
Pages is a very competent work processing application, but could use some additional functionality to extend is capability to produce long documents (better TOC and footnote management).
Keynote is a better Presentation application that Powerpoint, but could do with the something like Smart Art to simplify and speed up the creation of documents that utilise a lot of shapes, as these can be quite time consuming using the present toolset in Keynote (although I tend to use Omnigraffle - then cut and paste).
I understand Apple's policy on focusing on consumers rather than on professionals.
I also understand Apple's approach of "less is more", keeping things clean and uncluttered.
What I don't understand is how Apple expects to make the Mac OS a viable alternative to Windows without a credible office suite.
Apple has last updated its iWork line in 2009. It's been three years. Before this, it would update iWork in much shorter cycles. Microsoft updates its Office suite about every three years. But Microsoft Office is a full-featured office suite which has evolved for about 20 years now and has incorporated nearly every feature one could think of. And Apple has a lot to work to do in iWork before it can compare shoulder-to-shoulder with Microsoft Office.
I even tried to use Pages for writing my dissertation. But it lacks so many features! No cross-references, for instance, and I can't live without it. I tried alternatives such as Nisus Writer and Mellel, and they are great word processors, but lack of full compatibility with Microsoft Office is always an obstacle - because I am supposed to send .doc files to everybody else, and all footnotes, and numbering, and cross-references, and everything else, gets mixed up in the process. There's Microsoft Word 2011 for Mac, of course, and it seems to be OK, but it is definitely not a great piece of software. Microsoft Word 2010 for Windows is a much better program.
A week ago, I had to prepare a presentation. I could certainly use Keynote, but the computer in which the presentation would run was not a Mac - so I was supposed to bring with me a .ppt file. I tried using Microsoft PowerPoint 2011 for Mac, but I just gave up. It kept freezing and crashing all the time, and there was no way I could get the job done on it after more than one hour trying. The solution was to switch to my PC and use Microsoft PowerPoint 2010 for Windows - then, I was able to prepare the presentation in half an hour.
How is Apple supposed to address these issues? Mac OS has more than 5% of market share, and is around for so many years. Although it is a consolidated platform, and Apple soars bigger numbers year after year, there is no credible office solution for the Mac. C'mon, Apple had almost US$ 100 billion in cash (before the dividends program, after which it will keep "only" half of that), can't it spend some of these precious billions to invest in iWork to make it crush Microsoft Office, instead of sitting on this pile of money?