Excel functions are also somewhat paired down, but the app displays documents created elsewhere very nicely. All three of the apps come with sets of templates that speed up the creation of basic documents.
On-the-go business types will probably love the functionality of the Office apps and eagerly add their iPads to their existing Office 365 subscriptions. But I'm curious how much even people like that will use the apps. Even if you buy a nice keyboard to use with your iPad, it's much faster to create and edit documents on laptop.
Meanwhile, typing on an iPad itself should be reserved for quick edits and desperate situations, no matter how nice an app you're using.