Performance fix for the iPhone 3g. That's #1 on my list (obviously, I own a 3g). HDR photos sounds nice, but I'm sure it won't be supported on my older phone.
By the way, Ping support is NOT a feature of the OS. It was rolled out on the iTunes store the day of the announcement last week and is already present for people running iOS 4.0.x. It may even be in place for those running 3.x, but I don't have a 3.x device and have no way of checking that.
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