Resolved Switching To Apple iWork ... Some Questions?

I am thinking of moving to Apple's iWork but have some questions.

The latest release is iWork 2009 from what I can tell.

1) Is that correct?

2) Might an update be coming soon?

3) Just how compatible or not will iWork be with MS Office docs, like my older Office 2004 docs?

4) Will iWork create MS Office compatible docs and how far back/foward will they be compatible? ( my concern is my kids creating docs in iWork and being able to take them to school where they use MS Office - will iWork 09 office compatible docs load up in Office 2011 )

5) Can a KEYNOTE document be created, saved as Powerpoint compatible and work in POWER POINT?

iWork $79
Office $149

Will I have headaches? Should I just bit the bullet and buy Office 2011 and use Apple MAIL ? I do not want to spend $79 and have it be a waste, nor do I want to spend $149 when the $79 option is viable.

Sorry for all the dang questions, but I am on my way out the door to make this purchase.

THANKS

 

That's all I need to know!

THANK YOU