iWork.com sucks, and it would make sense to demo a reboot of it along with iCloud. Something that can compete with Google Docs, complete with multiuser editing. Make it a part of the iCloud subscription fee.
There has to be some sort of iWork update for Lion--either '11 or a point upgrade, to add support for Versions. I'm guessing the latter because I think the iWork team has been focusing their efforts on the new iPhone apps.