... No, seriously, what could iWork '11 have that the current generation of iWork doesn't have yet? ...
All the apps: better drawing tools, autosave, ability to park toolbar items above the inspector, more intelligent pasting into tables, non-ugly location for styles, more line styles, some way of changing the default settings (for fills, line, shaddow, etc), easier editing of rotated text (ie not off the screen).
Keynote: Better interactivity so that it can be used with interactive whiteboards (live movement of objects on the display screen, widgets, physics, etc). And since IWB are just touch screens, deploy the same interactivity to local iPads. Or go in a different direction and improve the way Keynote can be used for digital signage. Steve's smokin' animation build. Tweening for object builds (magic move for builds).
Pages: More intelligent behaviour when changing zoom level (ie don't jump page), improved layout tools (increased zoom and position accuracy), make it easier to select objects (bring back precision from previous version?), make copying and pasting objects better (not revert to original size when object is a pdf)
Numbers: way to hide sidebar completely, copy and pasting of multiple styles, more of excel's functions.
Just a few I've thought of.