Pages v4.3 on Mountain Lion 10.8.2. iCloud is on with Documents & Data enabled.
When I launch Pages, it presents with a file dialog offering available files based on the last setting for either On my Mac, or iCloud. If the former, it refers to the last folder location saved. If instead, I choose New document from the bottom panel of this dialog, Pages immediately opens into my blank custom template (configured in preferences). Otherwise, it would normally open to the Template Chooser.
If I choose Cancel from this preceding dialog, then I have access to the File menu:
- New - directly opens blank custom template
- New from Template Chooser... - as expected
- Open Recent - as expected
Pressing shift+command+N pops up a Template Chooser window as expected. Template Chooser also appears at the bottom of the Pages menubar window menu.