Basically all I need is a non-stupidly designed word processor that can handle .doc files (I've heard Appleworks can handle them, but it has some trouble). Word X is ok, but it's rather expensive, and has a whole bunch of more office oriented stuff that I really don't need. If MS made a cut down version of Word X (Word X Home Edition?) that was simpler and cheaper, but could still handle .doc files, I would get that. OpenOffice looks promising, but not until it's a bit further along in development. Also, "Document" is a silly name for an application, I really hope they don't call it that.
I agree with you. Calling it "Text" or so would be more logical. "Document" is far too general, not indicating a purpose or type, like "Keynote" does (and the rumored "SpreadSheet").
Anyhow, like Catfish_Man I'm wishing for simplicity above many features. And as Apple is totally committing itself to "open standards" (Keynote and XML) I believe Apple will adopt the RTF format as the document type. Any modern wordprocessing app reads and writes RTF. Ofcouse Apple's "Word" will be fully compatible with ".doc"-docs.