Jobs did at least get one thing right, Apple fixed the giant file sizes for pictures. With iOS 3, 700 Megs of photos took up several gigabytes of space on the iPod. Now that same batch of photos takes up 800 Meg, a mere 15% bloat.
I was promised iBooks. There's no iBooks.
I can change the background now. Whoop de doo. I could change the background on my WinCE PDA a decade ago.
Multitasking would have been a nice addition, but I'm not really using my Touch as anything but a music player now (and only because this battery-powered speaker system has an iPod dock, not an Evo dock) so it doesn't really matter anymore.