Yes, there have been reports that Apple tend to redeploy software developers across the spectrum of their products, and with iOS endeavours being doubled with the iPad this may have put iLife & iWork on the back-burner.
But then again, the last update was in January '09, correct? Which means the last time the team were focussed on iLife and iWork must have been during 2008 (aside from maintenance releases + bug fixes)
That seems like quite a long time to let some software stagnate
especially Apple software with a flagship role.