Like its Microsoft Office counter part Apples iWork iCloud Beta is as fully featured as its Offline Mac productivity suite. But considering Apple have slimmed down its Offline versions to keep continuity with the iCloud version.
iWork iCloud Beta is comparable with Google Drive in that it's Online only if you have anything but a Mac Computer where there is the Offline iWork suite, and also the iOS only iWork suite.
Pages iCloud Beta
|Pages iCloud Beta|
Numbers iCloud Beta
|Numbers iCloud Beta|
Keynote iCloud Beta
|Keynote iCloud Beta|
If you've got access to an iCloud account ether from migrating from a Mac or iOS device and no longer use iWork then I'd seriously consider migrating your documents over to Microsoft Office or Google Drive, as there is no real advantage to using iWork iCloud anymore.
As iWork iCloud Beta is free to anyone with an iCloud account then it's still handy to use if you require a lightweight Office suite but for serious work I'd consider Microsoft Office Online or Google Drive.
I've got an iCloud account through having an iPhone and iPod but very rarely visit the iWork iCloud apps and don't even have the iOS versions installed on my iOS devices.
Even though iWork iCloud is only currently a beta it's still a welcome addition to the free Online Office suite collection.