They don't get oohs and aahs because exactly the same thing has been possible via google docs for several years. It's impressive, yes, but not groundbreaking.
The quality of document you can get from Pages vs. Google Docs is night and day. Google Docs is a barebones office suite with an awful UI and live sync. iWork is a semi-professional ('prosumer?') home/school/office suite which now has synchronization as well.
Very true. That's the reason I've personally stuck with Pages for document editing. The ability to collaborate easily is going to be really, really great.
It's not unique, but it's still under-appreciated. The potential of this dual threat (Google Docs, iWork) to Microsoft is substantial. Besides, it's cool technology.