Overall MS Office for the Mac is just like MS Office for Windows, with a couple of caveats.
Look and feel can be a bit different, but no more so than between versions of Office for Windows. I.e., just because they've working for another platform, doesn't mean MS is going to leave menus the same place.
One annoyance is EPS/PDF graphics, you can't import with previews very well on the Mac. This is a know issue with Microsoft blaming Apple, and Apple blaming MS. As this was true on the PC prior to version 2004, it's not surprising (despite EPS being a very common format for years before then), and I'm inclined to continue blaming MS. That said, my impression was that this was still an issue for the Open Office suite too. (I tried them, but was not happy).
Other than that, I've been using MS Office on the Mac for a year happily. Track changes works well across platforms too. I haven't tried iWork yet, but am thinking of doing so mostly for presentations, where the graphics problems of MS apps gets more problematic. Most postings I've read suggest Keynote (part of iWork) is a great replacement for PowerPoint, but that Pages is sub-par relative to MS Word, unless you are student just writing class papers, then it is fine. MS Word is where I am also more locked in by sharing with others as well.
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