I'm a PhD student and write all my papers (http://academic.miseldine.com) using Word 2004 on my Mac. The major problem with Pages is that products like EndNote do not integrate with it, making referencing a chore. Similarly, when you can be denied publication simply for missing a few margins etc. I feel safer in Word using Word templates for IEEE CS, IOS Press etc. Pages just feels a little flimsy when it comes to writing tens of thousands of words in a document. But that might just be me 
What I love Pages for is when it comes to designing a stunning, striking layout for a document. Often, I write the text in Word, and import it into Pages, as its style system is far cleaner.
Lastly, Keynote is awesome for presentations. I've been to a few conferences and always received great feedback on the software...probably more so than the content and delivery ;-) iWork 06 is worth it simply for the higher definition templates + new 3D transistions IMHO
What I love Pages for is when it comes to designing a stunning, striking layout for a document. Often, I write the text in Word, and import it into Pages, as its style system is far cleaner.
Lastly, Keynote is awesome for presentations. I've been to a few conferences and always received great feedback on the software...probably more so than the content and delivery ;-) iWork 06 is worth it simply for the higher definition templates + new 3D transistions IMHO