I have been using ClarisWorks since 1989. And in many respects, I liked AppleWorks 4 the best out of all the versions, including Pages.
Anyhow, you need to click on any AW doc in the Finder, and Get Info. From there, you will select Open with: Pages, and then click the Change All button below that.
Then, anytime you open an AW doc, it will open in Pages or Numbers, depending on whether it is a WP or SS document.
In spreadsheets, all of the results will appear in the cells, but formulas will be lost in Numbers.
If you password protected an AW doc, it will not open in Pages or Numbers until you turno off password protection.
One more thing- for the AW documents that are older than AW version 6, you will get an "Import Error- the document was created with an unsupported version of AppleWorks." You will have to open that in AW first, save it as an AW 6.x version, and then you can open it in Pages or Numbers.
I have decided that the batch-converting option looks way too complicated, so I am using this inconvenience as an opportunity to clean up my old files. Each time I go to a folder that has old AW docs, I spend a few moments converting them, and then I assign a color to the folder, so that I know it has been cleaned up. Things that I truly will never need again I am tossing.
I manage an office full of macs (ten), so we will likely keep one old Mac on Leopard off to the side, so that if we run into a stray document that wasn't converted (particulary archived files), we will be able to bring it up to date and the move it back over to a Lion mac.