I very much prefer Pages to Word as Pages is so much easier to use. It should be about writing, not about processing.
The most obvious part missing in iWork is Options, euhm sorry, Excel. But I wonder how Apple is gonna redefine Windows' holy grail?! Excel truly is an amazing application. It is the only huggable Windows software that you wanna be friends with!!!
To summarize your wish list:
1/ Word processing: no thanks, don't make it too complicated
2/ Page lay out:...