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As of this version, Wordpress and WordpressMU are fully merged (meaning there will no longer be a WPMU).
Also, there is some versioning (trash), better image management and simpler video integration.
I think the code merge on WP and WPMU is coming in 3.0 and is not included in this release.
"I must say it has whetted our appetite for 3.0, which is coming next (probably this spring) and will include at the very least the merge of MU with the WordPress core,"
with regards to the features in this release, I have no interest to manipulate images within WP. Rather do that with graphics software. Trash feature is ho-hum. I do like the multi plugin update though you shouldnt be using huge numbers of plugins for security and performance reasons. Video embedding is my favorite because plugins were necessary to do this easily in the past.