>
> pandoc -f latex -t docx test.tex -o test.docx
>
> I see Org has exported my "W m^{-2}" as "W m$^{\text{-2}}$", which is
> not what I would expect in LaTeX. In OS X Pages.app viewing the docx
> this appears as "W m". In Word it shows up either as just "-2" or "W
> m-2". In Word, the Math shows up with each character as a box (the math
> is just missing in Pages). In Word the figures are missing (they appear
> in Pages).
>

First, you should differentiate between whether the problem is in Org->LaTeX conversion, or in LaTeX->Docx conversion.

From what you describe above, the problem seems to be in Org->LaTeX conversion.

For me, $W m^{-2}$ in Org produces correct LaTeX markup, and I get a good docx using Pandoc.

Vikas