What is new in Pages 3.0?

• Import (but not export) of Microsoft Office 2007 .docx files.
• Change Tracking.
  
• Instant Alpha (to easily add transparency to pictures).
  
• Harddisk requirement down from 750 MB to 260 MB
• >100 new functions available in table formulas.
• HTML export removed and replaced by "Send to iWeb" functionality.
  
• Fixed auto-correction so "may" does not automatically become "May".
• Automatic "Proofreading".
• Word count for part of the text.
• Possibility to remove headers and footers completely.
• Visual connection lines between linked text boxes. (Can be switched off with Format > Text Box > Hide Connection Lines.)
• Split between "Word Processing" and "Layout" templates.
• Character and paragraph background colour.
• Paragraph borders
• Text to table and table to text conversions.
• Hotkeys to styles
  

This list is not exhaustive of course. Other people will notice other things and consider other things more important than some in the list above. However, I think the list covers all major changes.

Update: Somewhat updated after the first comment below. It contains even more new things, so feel free to read it.

Pages 3.0 is here

Pages 3.0 is here. A 470 Megabyte trial version can be downloaded here.

It contains plenty of new features compared to Pages 2.0, but a lot of the problems from previous releases remain. This FAQ is updated for Pages 3.0.