I call BS, here's my list:
-improved service for europeans, like a decent video marketplace instead of all that US exclusive discrimination bs, licensing my ass!
-improved codec support for media center extender
-bluray support(fuck that, I'm not buying a PS3 or another device for that, note how it's on place 3?)
-performance improvements to the dashboard
-NTFS support for USB drives
-improved XBL service
-price drop for arcade games and premium themes
-a decent way to use our old themes, get rid of that ugly grey floor and have different backgrounds for the my xbox, game marketplace, video marketplace and spotlight menus!
-RSS feeds on 360
-a browser
-more PC-360 interaction, why are there no games 360 owners can play online against PC users? sure racing games and RPG's shouldn't be a problem?
-more uses for the XBL vision camera
-PC drivers for the 360 wifi dongle!!!!
-chatpad support for the PC