I looked again at the calendar app and did not see anything notable. I have Mobile Me (which frankly I only use to sync with my MBP) but not Exchange. I will have to poke around the new features threads to see some instructions for what I might be looking for.
The new Calendar setup lets the user have both stored local calendars (that are synced with iTunes) and the Exchange calendar, right? In the old setup, basically, if I wanted the Exchange calendar, it became the only calendar on my iPhone, as I understood it.
This is sort of either a huge deal or irrelevant, depending on the user. For example, I have Outlook on my desk at work (from which my iPhone is not managed). It would have been very convenient to be be able to use my work calendar, which can be shared with other users, etc, for scheduling stuff at work. But if I wanted it on my iPhone before, I had to give up all my other calendars, which was unacceptable.
I hear you -- I think the update basically addressed a huge number of holes in the iPhone, and it generally did so quite nicely in most cases -- search is an example. Search I missed hugely from the Blackberry. I think Apple's is actually better than search was on my 8700, though.
I think this is actually going to be a challenge for Apple. The fact that so many things can be done on the App Store means that Apple almost doesn't need to throw out lots of new candy in a firmware refresh. But it also means the firmware is going to be a sleeper hit. Right now, 3.0 has lots of nice little upgrades. Give a couple of months' time for lots of 3.0-centric apps to be on the app store, and I think it'll be a vastly different story. Push, now that it's finally here, and some of the other new APIs, are really going to enhance the iPhone. It's just not going to show up as part of the firmware.
That being said, I think it would be fun if Apple kept working on new, interesting core features. Some of the little pieces of candy in 3.0 were very clever, new, Apple ideas. Most of them were just fixes of things everyone else had. But when the iPhone came out, it had tons of stuff that I never even thought about using my phone for. So it would be fun if Apple kept thinking about core iPhone tools that push the envelope in new ways....