Does it? The people that I've known to try this have all complained to me about problems. Not sure if this is a compatibility issue or Pages itself (and not sure if it's just my small sample of friends).
Long time Pages user - It does handle Word reasonably well, just as Numbers handles Excel, and Keynote handles PPT. But as with most import/export functionality it has quirks so that you cannot use it exclusively. It is not useless, but not perfect. Depends on the document.
I'd say Keynote<-->PPT is the best of the bunch, followed by Pages<->Word. VBA Excel macros are hard to port.
Does it? The people that I've known to try this have all complained to me about problems. Not sure if this is a compatibility issue or Pages itself (and not sure if it's just my small sample of friends).