I goofed around with Word and Pages for a bit yesterday for some comparing and contrasting, and this is what I think...
Word does have it's perks over Pages. That's pretty much a given. It's surprising how good of a job MS did at simplifying the thing while still providing you with just about everything you need. In fact, I'd say that MS should repackage this in the Office Home and Student edition because it covers everything most everyone will use outside of some higher end enterprise scenarios.
But if you're in an all Mac environment, or you don't desperately have a need for compatibility, then Pages is a fine alternative. Yeah, it's missing a couple of cool features, but it does do some things a little smoother and more elegantly.
I'm kinda torn myself. I like it quite a bit, but I'm not sure if I really need it. Even with the extra OneDrive space and the $70 sub card from Amazon, I'm not sure if it's worth the cash when Page already does a decent enough job. Most of my documents are sent out as PDFs, and I actually use my iPad for typing them up moreso than my computer these days (for some weird ass reason). I've still got another 28 days to decide, but I'm not feeling too rushed about it. Let's see what I think in another week or two.
edit: and don't judge the font quality from that picture. It looks weird zoomed out in the app switcher, but perfectly fine while you're in the app.