Yay: Better battery life
Yay: External hardware through the dock port (midi and USB devices please!)
Yay: Autofocus camera
Erm: Voice control (hello last century)
D'oh: Only 3mp still images
D'oh: Only VGA video
D'oh: No camera flash
D'oh: No removable storage
Bit of a mixed bag. Still a seriously tempting device, but not quite the no-brainer I was hoping for. Will wait to see examples of photos and videos before taking the leap away from my WM phone.
UPDATE: Decided to keep my WM phone and iPod Touch and get a 12 mpix stills camera that does HD video and is tiny, shiny and wonderful - the Sony DSC-T900.