Dumbed-down, stripped down version of earlier Pages version. Still using Pages 4.3 from iWork 09 bundle. "Streamlined" app means loss of features, and a more challenging GUI and UX when using the latest versions of Pages/Keynote/Numbers. I am assuming loss of features etc is to ensure compatability with iPad versions of the same apps. A pity - Apple dumbed down the OSX versions rather than beefing up the iOS versions.
Sticking with iWork 09 apps for as long as OSX allows! 5 stars for '09 apps, 1 star for current.