Nice review there. I can't yet comment on the actual details because I'm still waiting for my copy to arrive (it shipped yesterday).
It sounds like you have summed it up very well. It's a pity that the HTML export is poor, since I was hoping this could be a chance for me to create basic web pages (a bit like the old Microsoft Publisher on Windows). I'm no CSS or whatever programmer and I simply want something a bit better than .Mac Homepage and Netscape Composer to create web pages. I can't afford (or need) anything like Dreamweaver and I'm stuck with Word at the moment, which is pretty rubbish (and doesn't export right).
I don't think Word export can all be blamed on Pages though. Although I can't see for myself yet how good (or bad) the Word export is, you could never expect everything in Pages to come out as nice on Word. Just like you would never expect a Keynote export to look as good on PowerPoint - it can't - for PowerPoint doesn't use any of the wonderful effects that Keynote does. The same applies to Word. If the text and most of the formatting survives, then that's the best you can hope for. A document for Word would have to be customised towards Word's quirks - something that could never be done 100% accurately automatically. Or, put another way, if a program could export with 100% accuracy a complex document to Word, it would be Word, or have at least to use the Word file format (and all its limitations).
But I don't see this as a major setback. As you have hinted yourself, I don't think Pages is aimed at the same market as Word. And indeed, Apple wouldn't dare stray too much into Microsoft's territory. Even Steve Jobs himself said was going towards building a new Appleworks. I see Pages as something to use alongside Word, not just completely instead of. A long document or report would be better suited to Word, while a newsletter or more graphics-rich report would be better suited to Pages. And those who can't afford Word could get away, for the most part, with just Pages.
I also don't mind the lack of automation in Pages. I think, and I bet a lot of others will, that instead it is a blessing! I never rely, for example, on the automatic capitalisation of the first letter of a sentence in Word because I think that encourages lazy typing and then exposes you on applications that don't have this feature. Plus, in certain instances, when you intentionally DON'T want the first letter to be capitalised (i.e. when not working with long prose) it's a right pain in the arse when Word keeps trying to capitalise it for you. Pages, in many of these respects, will be a breath of fresh air.
But I'm most excited about Pages' other features: the ones that set it apart from Word. I'm looking forward to the styling aspects. You still can't create a decent looking newsletter-type document in Word and I can't wait to get started with that. Plus, it looks so simple and easy to use. I want my text to look good, with proper drop-shadows and the like. I can't wait.
But I'm sure that there will be some frustrations and annoyances - there are bound to be - but hopefully, if people send Apple feedback, they will be fixed in the near future. Apple is normally pretty good at listening. (I think I'll stop now or this will turn into a bigger review than the original and I haven't even laid my hands on the app yet!!!).