Sure I agree Keynote really beats out PowerPoint. But Pages -- it doesn't even come close to Word. Apple Pages probably doesn't even have half of the features that Microsoft Word does. The layout in Pages isn't as fast or accessible as Office's Formatting Palette either.
With bullets and numbering, Pages has far less options than what I constantly use again and again day after day in Word. The color selector is great in Pages, but it wastes time after a while because you have to close it every time after you select a color. The color selector in Word is much faster because it immediately goes away after a color is selected.
The Pages application is a step closer to Apple's software domination, but let's hope when iWork '05 is released that Pages will be totally redone. I know that Apple can do better than this with designing a word documenting application. I will look forward in seeing pages 2.0. I bet it will be comparable to Word at that point. If it is as good or better I'd actually have good use for it as I do for all of Apple's other great software products.
Word and Excel are the only two Microsoft software products that Microsoft has me still using. Microsoft better be careful because if the future versions' features in iWork beat out Office's then I won't be using any of their products any more ... accept the three-button scroll wheel Microsoft mouse that I have that I got for free after a mail-in rebate. Bring it on Apple multiple button mouse; it's about time.