I guess if you don't have an iPhone this is a pretty big deal because you haven't seen the features before. There's isn't that much that's really new. If you're an iPhone owner, you've pretty much seen it already. The only big new thing is the ability to print to [a special HP and only HP] printer. (The most advanced mOS can't communicate with iTunes and have it send print jobs?) The biggest disappointment to me is that even though they gave us iPhone 4 owners a slew of new text alert sounds, you STILL cannot add custom sounds without jailbreaking.
If I had it to do all over again, I'd have jailbroken LONG before I had so many awesome apps. If I could transfer my purchased apps, I'd jailbreak today.