Will Office for iPad be like iWork or like Photoshop touch?

Basically my question is, will office for ipad be a beautiful native app designed for iOS, or a general "designed to work everywhere" flop of a mess like photoshop touch?

My hope is that it is an office compatible Microsoft version of iWork. My fear is that it will be an HTML web portal-type mess that works with office 365, is slow and tedious to use.

Any thoughts?