Well I for one was kind of disappointed. Leopard is sort of Apple's chance to prove they can out-Vista Vista, and I'm not really sure what we saw today does it. I've been following Vista somewhat closely, and it really does catch Windows up to OS X in terms of features and prettiness.
I really think most of the features shown off today are already present in Windows (I've definitely heard about all of them before) or will be in Vista, and it's too bad Apple didn't have anything truly innovative to show us. Hopefully those secret features are something good...
The other thing that has me a little concerned is the huge amount of Vista-bashing that went on. I feel like if Leopard at this point were truly better than Vista, they'd be silent about Vista entirely and let the new system speak for itself. That would be really slick. That's not what happened however, and instead there was a lot of "look what Vista copied from us" and "check out how much better Leopard is." What I saw today, though, makes the former statement sound whiney and the latter sound foolish, since in my eyes, in terms of features, they're about on-par with each other.
I really hope Apple pulls it together. They've got to do this right, because come next year, most of the myriad reasons for switching to a Mac will be nullified by Vista.
BTW: whoever this "Platform Experience" guy is, get him off the stage and go back to Steve.