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Have few question about using word on the transformer TF201.
Where do I define spell check?
Ia there auto correct, auto capital after a full stop? Track changes?
Unfortunately none of the word processors I've used, (about a dozen so far), will do most of what you are looking for. It isn't Microsoft Word
With that said, you may find some of the alternative word processors more to your liking than Polaris, particularly since it has some bugs that cause your documents to get lost every now and then. Kingsoft Office is a good alternative. Some of the Office apps have not yet been fully optimized for ICS and as such don't even underline misspelled words, which ICS can do.
You may need to experiment with some of the other apps.