For the benefit of those newly reading this thread and the journalists visiting this thread, here is an updated list of the features we know have been removed from Pages 5:
Removed Features:
1. Selecting non-contiguous text
2. Outline view
3. Customizable Toolbar
4. 135 templates
5. Capture pages/sections
6. Drag to reorganize pages
7. Duplicate pages
8. Delete page
9. Manage Pages
10. Subscript/superscript buttons
11. Select all instances of a Style
12. Retain zoom level of document
13. Facing pages
14. Layout Margins
15. Media Inspector links to iPhoto library on external drive
16. Media Inspector links to Aperture Library
17. Styles Drawer
18. Merge Fields
19. Drag and Drop VCards
20. Default Start Up page
21. Vertical Ruler
22. Drag-out Vertical (and Horizontal) Alignment Guides
23. Style Function key shortcuts
24. Bookmarks
25. Hyperlinks to external documents
26. Images within Tables
27. Mathtype Equations/Formulae within Tables (and other Objects?)
28. Grapher Equations/Formulae within Tables (and other Objects?)
29. Import Styles
30. Clean Import of older .pages formatting
31. Full User Guide (there is a short online guide missing many features)
32. Search Sidebar
33. Open Type features
34. Textbox linking
35. Background Object selectable
36. Storyboards
37. Text to Tables
38. Tables to Text
39. Tables in Headers/Footers
40. Export to .rtf
41. Import from .rtf
42. Multiple Comments view
43. T.O.C. clean numbering
44. Selective formating in Character Styles
45. Insert File Name
46. Search in Media Browser
47. Bullet points in comments
48. Search comments
49. Two up view
50. "Past and keep" style
51. Custom Auto-correct
52. Find & Replace special characters, (e.g. paragraph returns)
53. Auto-Dates on opening document
54. Speech to Text
55. Format Bar
56. Open Pages '08 documents
57. Headers in Tables
58. Sync with iOS6
59. Auto capitalise sentence start
60. Open .doc files
61. Roman Numeral Page Numbers
62. Character count including spaces
63. Import linked Numbers Charts
64. Styles, including bulletted lists
65. Recent fonts at top of Font List
66. Page of Page Count at foot of Window
67. Full Screen background color
68. Font name matching between OSX and iOS
69. Copy/Paste from Pages '09 to Pages 5
70. Certain Fonts ( e.g. WingDings)
71. Saving onto Windows server
72. Status bar
73. Drag out inserted image to Finder.
74. Uninstall permanently
75. Rotate Tables
76. Rotate Charts
77. Display non-printable margins
78. Group pie wedges in Charts
79. OSX Spotlight Metadata
80. Custom number formats in charts
81. Table fills
82. Copy Paste of citation text and footnotes
83. Change tracking for non-body text
84. Open Recent from Template Chooser
85. Opentype features
86. Copy/Paste Thumbnails across documents
87. Insert Filename
Altered Features:
↪ Pages '09 files saved from Pages 5 in Maverick are not protected by a simple name change eg (converted appended)
↪ Pages '09 files previewed on iPad via iCloud are irrevocably converted
↪ Update is missing for older installations, Apple is reportedly working on a solution via a redeemable code or update on their Support Download site
↪ Wrap methods have been cut back severely
↪ Documents reconverted back to Pages '09 lose all template information
↪ Language set under Edit > Spelling and Grammar > Show Spelling and Grammar now document wide
↪ Subscript/superscript text is now a convoluted route Gear > Advanced options > Baseline > Subscript/Superscript
↪ Headers and Footers appear to be multi-column
↪ Text is not wrapping in Footers
↪ New file format (but still .pages?) not backwardly compatible
↪ Page numbering method changed
↪ Custom Templates are now stored in ~/Library/Containers/com.apple.iWork.pages (a package)
↪ AppleScript Library for Pages 5 has changed with many classes and commands removed which indicates how the feature lists have been slashed
↪ Character Styles are in the Text Inspector under Bold, Italic etc
↪ Tabbing within Table cells appears to be inconsistent, tabbing internally with numbers.
↪ Drag and Drop text only works with .txt files now
↪ EndNote plugin is partially broken unable to cite in footnotes and problems with in-text numbering
↪ List options are now in a pop-down menu in the contextual Inspector
↪ .doc no longer supported, only .docx
↪ Text highlighting is now under Format > gear icon > Advanced Options > Character Fill Color > Color
↪ Mail Merge has changed. Some people are reporting links not working despite Merge is still in the Insert Menu
↪ Merging Table cells is now: select the cell/s > Format > Table > Merge
↪ Unmerge cells only undoes the above
↪ Table Borders is now: select the cell/s > Format > Table > Cell > click on triangle > choose
↪ Quicklook preview of Pages '09 files in Maverick is reportedly buggy
↪ Layout Breaks work differently. You select the paragraphs you want as an exception and then change the column numbers. Currently can't find how to set before and after spacing or margin inset btw This is a totally undocumented and hidden procedure.
↪ Word Count is now Menu > View > Show Word Count
↪ Bookmarks are missing in Pages 5 but are still retained if exported back to Pages '09
↪ Bolding requires clicking on style and checking Emphasis
↪ Save as… is back