Pending/Awaiting Approval status for pages like posts.

Looking into it I see that there are four relevant capabilities: 'Edit Pages', 'Edit Published Pages', 'Edit Other's Pages' and 'Publish Pages'.

I'm not sure what the default values are, but if you use the Role Manager plugin you can assign only Edit Pages to a given role and they will be able to create (but not publish) new pages (I tested this and in the write screen you only see 'save' and 'submit for review' when writing a page without the 'publish pages' capability).

I HIGHLY recommend the Role Manager plugin to anyone dealing with more than one or two authors ever, if only so you can see exactly what privileges the different roles (author, editor etc) have from within the admin screens.

I'm not sure exactly how the 'Edit Other's Pages' capability works in practice (I've found the equivalent posts capability behavior strange but logical in the past), but if you spend some time testing it in two browsers with two user accounts (one low privs and one admin, otherwise you'll go insane) I'm sure you can figure out the details.