For basic stuff, you can get away with Appleworks or NeoOffice. MS Office is by far the best, though.
I find less and less need for using Word. For me, most communication is now via email. If I were writing a book or a proposal, Word would be the way to go.
I'm curious - what was lame about pages?
I bought iWork and use Pages for my word processing needs. I like being able to set up styles in a way that's a lot cleaner than how Word does it. It's easy and fun with Pages.
I suppose if you think of it as nothing but a bunch of templates, you might be disappointed. I just start from a blank page and format it from there. I have a master set of styles that I import from another document and I'm good to go.
I will admit that it needs a fair amount of processor power, but other than that I prefer it to Word.
I'm really looking forward to seeing Numbers, or whatever they call their spreadsheet. I have Office X (albiet an old version) and it works fine but I really prefer Apple's software.
D