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Guided Access allows developers to integrate controls into their applications, giving users the ability to "switch off" elements of their iOS device. It means kids under exam conditions are locked in to the exam application and can't cheat by checking the answers in Safari.
Lost mode allows users to display a message on your iPhone or iPad screen with a phone number or email address to help the person who found the device return it to its rightful owner... (yeah, because that'll work.)
Passbook keeps your boarding passes, store cards and e-ticket details all in one place. Because it has to be integrated into applications, there's not actually that much to see yet.