Yes, and I feel ripped off. Load of rubish. Docs2Go and iWork are both exponentially better.
Word-processing wise, it's beyond pathetic. I hate the UI first of all, Pages has a beautiful toolbar and Docs2Go has some more functional bars...QuickOffice Word is barebones only offering you font colour, paragraph formatting, font, size, and one or two other things as options...and that is it. Text is blurry, external bluetooth support is pathetic (lags, no arrow key support)...Dropbox compability is limited (you can't view downloaded files offline LOL).
I feel cheated so bad. It's worthless for me, feels so rushed, almost like a panic because Docs2Go was released and stealing the spotlight. I don't know about Excel, but I know someone who laughed when he downloaded it...he says Numbers is better. A review on iTunes suggests that the powerpoint viewer is crippled and garbles powerpoints on import.
Avoid, imo.