Q: What is the difference between Pages and Text Edit? Pros and Cons?

I just purchased a Macbook Pro, and I am currently exploring its features. I see that it comes with Text Edit, which seems to be its form of Microsoft Word...but I also know that you can purchase "Pages" for the computer. What is the difference? Pros and cons of each? I will be a freshman in college in the fall, so I need something that I can do lots of writing and editing on.