I don't know about transferring FM docs to Pages but I had the misfortune of working with Pages several months ago. I'm pretty sure I posted (ranted) about it here. In a nutshell, I felt that Pages was a toy. Good enough for writing the Christmas letter and that's about it. Not at all ready to compete as a publishing tool. For instance, we were unable to create a PDF other than with Apple's Print as PDF command which didn't make our printer happy at all.
Keep in mind who the target audience is for the iLife suite and that will tell you a lot. Pages is the word processing equivalent of iPhoto. (Actually I'd put it lower on the scale than that but you get my drift.) If you want to work on a professional level, you need a professional-level tool. Pat Christenson