It's fine if you can work within the limitations, but I can, so it's my go-to writing app. Word is technically better but it just feels laggy on my Mac, which is distracting when I just want to write things. While we're at it, Numbers is pretty good on its own merits, and Keynote absolutely blows Powerpoint out of the water
I do miss the older Version 4 layout, though. Feels like I have to click through way too much of the newer UI just to do things I used to do much quicker in the older version. It was really handy to have multiple floating inspector windows that I could organize around my desktop... Sometimes I go between the newer and older versions just depending on my mood on that day.