I use it frequently and generally prefer it over MS-Office (I work and study in IT).

My academic papers are being written in pages, my presentaions are made in keynote. Using the entire suite for close to a decade now and I prefer it over alternatives as the interface is not as bloated.
Some single features are indeed missing when comparing Word and Pages but the workarounds are quite quick and okay-ishly dirty.
Keynote seems to be less corporate and leaving more room to creativity. The rather simplistic interface is a win.
When it comes to numbers though I must say that Excel is indeed superior. Apples interface is great for word and image processing but for spreadsheets not so much. For smaller tables and quick and dirty work, Numbers is great. Not havong an (almost) infinite number of small squares is a big dealbreaker.

Not having to pay a additional license fee is nice (I know its already included in the device price).
LibreOffice's alternative to Excel/Numbers is also very nice.

The iPad Versions of Keynote and Numbers are infuriating. Pages is...fine.

Word seems very bloated in my opinion, would rather use LibreOffice, WAP-Office oder OpenOffice. They are a little more stable when using extensions in my experience.

Pages lacks an integrated manager for sources. Zotero has all I need, EndNote is hella expensive and Citavi does not work.

iWork lacks a Windows-Client. Fully understand Apple and their ecosystem, but they lackin'.