Hi. If you're used to Office functionality and you think you'll need Office, you'll be wasting your time and money with Pages and Numbers.
Numbers is just complete rubbish. You can't even do an XY correlation graph with multiple series. It's very confusing to use too for people used to Excel.
Pages is not as bad, but it's still very limited compared to Word. You can't do cross references, numbered captions, citations, etc, etc, so it's completely useless for college.
They say Keynote is good, but it's not very compatible with Word and Excel, so if you have to add data from those, then you're stuck.
I think iWork is just good for people who need to do really basic stuff, like writing a letter, doing a basic spreadsheet and prepare a presentation without adding stuff from Word or Excel. Then I kind of see their point given that they are cheaper than Office. However, you can also use Google docs, which does the same stuff, or open office, which does it even better!
It's a shame iWork is so bad, but obviously apple is not interested in this market. Actually, I think they don't know how to beat Microsoft, so they are basically not even competing. Quite bad because it'd be a good marketing strategy to make a software that it's better than Office and works only on Mac.