When I first fired it up, there were no real apparent changes to my Droid. Not like the last one where the actual lock screen was different and was immediately noticeable. So just to make sure I looked at what I needed to look at, I went to one of the millions of sites that has the changelog posted.
1. Gallery is sweet. I really like the new layout and it automatically syncs with your online Picasa albums if you happens to use Picasa. At first I didn't realize that last part and I was thinking "Huh?? How did those pictures get on here??" The ability to pinch-zoom is a little clunky yet, IMO. I know everyone hates this, but my iPhone seemed to do a bit better job at this particular function. I really like the new ability to swipe your pictures side to side to move through them and the new onscreen layout in the actual photo viewer is pretty cool too. Essentially the same functions as before, just laid out a bit differently and they're a bit less distracting than they were before.
2. New weather/news widget is cool I guess. Wasn't really something I was all giddy about to begin with, but it functions adequately and the fact that it apparently follows your location as you go is nice, especially if you have a job that makes you travel constantly. It'll be nice to not have to go and manually switch my locations in the application to get local weather. I haven't messed with the news feature and to be honest, my home is in a rural area so I doubt there will be much local news for my area. meh... no biggy.
3. I'm in my office right now so I haven't tried the voice to text option yet although I did confirm that it's there. It shows a little microphone in the virtual keyboard next to the space bar on the left side. I'll mess with it when I go outside. 
4. I like the live wallpapers too. It's just pretty cool to have that ability to have moving backgrounds. I've chosen the smoke one for now. It's just swirling smoke in the background and there are approximately 4 kajillion colors of smoke to choose from. Plain black and gray for me. Definitely a neat little extra.
5. One thing I'll mention is that the changelog talks about the Google Nav now dimming automatically as the ambient light gets lower - Its been able to do that since the 2.0.1 update. I use the nav constantly for work and that was my absolute favorite feature of the last update. No biggie, just thought I'd throw that out there, for what it's worth.
Most of the improvements they list don't really apply to anything I do with my Droid, so I can't comment on them.
Anybody else have it yet? Comments?
If not, maybe you could comment when you do receive it. I'd be interested to hear what others think about it. I know I'm definitely in the minority here and I'm certainly not trying to start a flame war, but for my purposes, the update isn't anything to get overly excited about. It definitely includes some cool stuff, but not worth getting too heated about. Of course, for those of you who take advantage of the things like Yahoo mail, etc, the update may just be exactly what you're needing. Like I said, just my opinion based on my personal usage habits.
And more importantly, they stick to every screen. 
hey logicman, i really like that helix launcher. thanks for giving me the heads up bout it.