Most if not all of the default apps in Lion that have greater security implications are sandboxed.
Mandatorily exposed server-side services are sandboxed as before.
Client-side apps that are sandboxed include Safari (web process), Preview, Quick Look Helper, QuickTime (some components), and TextEdit. Other examples may exist as well.
These apps are sandboxed because associated file types are manipulated to deliver exploits: Safari (maliciously crafted website), Preview (maliciously crafted PDF), QuickTime (maliciously crafted video/audio), TextEdit (maliciously crafted document), and Quick Look Helper (all of the above).
I would hope that Apple would do this for iWork as well even though it is not installed by default.
It should be noted that these types of attacks targeting OS X are uncommon in the wild. This is due to the difficulty in achieving system level access after gaining user level access. It is more efficient to use social engineering rather than exploitation.
But, it is good that Apple is being proactive in this regard.
Possibly due to iWork not natively handling other common proprietary formats?
MS Office docs are converted when opened in iWork, right?
That does not mean that Apple's formats are not liable as well. But, they have not been targeted yet and other mechanisms beyond sandboxing also mitigate this liability.
Given that all Mac App Store apps have to be sandboxed by November, iWork will be sandboxed in the future.
Open Preview and TextEdit; then Quick Look Helper will also launch.
I am unsure how to show the components that are sandboxed in QuickTime. Only know from reports via security researchers that QT is somehow sandboxed as well.
Set Activity Monitor to show "All processes, hierarchical."
This will reveal the server-side processes that are sandboxed.