My hopes...
What iWork should offer:
* A decent word processor that's easy to use, not overly complicated/bloated, and a badly-needed step up from AppleWorks.
* Good basic MS Word file compatibility. (Frankly, both AppleWorks and Panther TextEdit already have enough Word compatibility for me... and Tiger TextEdit is even better, with tables etc.)
* Non-WP stuff would be nice too, but less important. Spreadsheet would be my first request, then Keynote 2. Simple paint program? Structured drawing? Database? Sure, why not... AppleWorks does all that... but I don't need 'em
What iWork should NOT be:
* A full Office replacement. Who needs that (yet)? Office already exists, the Mac version is often reviewed as better than the Win version, and Office is what people know about and trust, however blindly. Plus, Apple doesn't need to alienate MS's Mac BU, which actually does some good work.
* Bloated and complex, with everything but the kitchen sink! It should be for everday users writng letters, proposals, and school papers--NOT a top-end super-sophisticated app for people who currently need everything Office has.
In other words, iWork should be like iMovie or Final Cut Express... not like Final Cut Pro. Leave that to Office (and open-source Office clones).
IF Office were ever cancelled, then Apple should get ready to step up with a new iWork or iWork Pro. But I would NOT expect iWork to = Office unless that day comes.