MS Word claims to be, and mostly is, a full size, multi-featured word processor. It is rather complicated. Especially for those who don't use many of the 'features' frequently. I have to re-learn things all the time, too, so you have my sympathy. that said, Pages v4 or v5 is simply NOT attempting to match Word feature for feature, and I don't think it should. I use Pages v4 for "little" things, especially those with graphics, simple footnotes, and under 4 or 5 pages. I use MS Word when I have to. For "big" things I use a non-WYSIWYG app, Scrivener, then fuss with the MS Word output for as little final formatting as possible. For dealing with "the world" I use .pdf's where possible, Word as needed. Many of my contacts don't have Macs, more's the pity.
And yes, I strongly recommend that you not try to translate everything into Pages. It is apparently not intended to replace Word, and I agree - it shouldn't. MS Word is not "for the rest of us."