It pretty much looks like Office 2001 with the Aqua interface. Nothing new or special, and certainly not worth another outrageous upgrade price if they try that again. Why pay $100-$150 just for an upgrade of Word, when I can buy AppleWorks 6 for $70 ($40 educational price).
People would pay more for Word and other Office apps vs. AppleWorks because of the enormous number of features that Office has on AppleWorks. There's also the issue of familiarity and compatibility in a business setting, etc.
These are the kind of apps we need on OS X. If everything will be in a comparable quality......good lord. OS X will push apples power to a really high level. I just can say: Well done Microsoft !!!!!!!!!!!!!!!!!!