Quote Originally Posted by shades
My thinking is that Apple will now expand/enhance iWork (Pages and Keynote) to incorporate some spreadsheet along with Mail and iCal to provide some Office Suite.
It's been rumored for some time:

http://www.thinksecret.com/news/0607charts2.html

Like you say, Apple's "Office" has some catching up to do. But when you consider that most of the useful features of Word and Excel were implemented by version 5, it might not take so long as you think.