For those saying Spotlight is Launchbar, you're sadly misinformed. Spotlight is an underlying metadata indexing and search service that can be implemented into ANY application. Launchbar is a nice utility. Their functionality CAN overlap in a couple areas, but on the whole they're not even comparable. Spotlight is like watching the BeOS filesystem reincarnated, and I for one am VERY excited by that. Instead of having to remember arcane folder structures and such, just search for what you need, and (to quote Steve) BOOM, there it is. This will revolutionize the way we work with files.
As to Dashboard = Konfabulator, I say "good." Konfabulator is buggy, resource-hogging, and too expensive for not actually DOING anything. All of Konfabulator's functionality comes from third-party widgets. Dashboard will be more convenient, faster, take advantage of lower-level OS technologies, and be officially supported by Apple. Arlo can quit bitching and readjust his businessmaybe he could sell high-quality Dashboard widgets at a buck or two a pop. Lord knows I'd be much more willing to pay for THAT than I would for his current program. Konfabulator is just the OS X equivalent of a concept that's as old as dirt (and invented by Apple, no less).
Automator looks amazing. I wasn't excited about it until I watched the stream. This thing is AWESOME; the possibilities seem endless. The new iChat AV with group video and audio chat will be a great way my friends and I can stay in touch when we're all far apart. Core Image and Core Video make my heart (as a budding videographer) go pitter-patter. And this is as much as a YEAR in advance of Tiger's ship date, about 10 features out of 150+ "new" features. I'd say the best is still yet to come at MWSF, when Steve unveils even more Tiger functionality. If you're not excited about this OS release, well, you're sleeping.
--Cless