Everybody is ooohing and ahhhing over the news mapping functionality for the iPhone. If I understand correctly, the iPhone can triangulate from the location of 23 million mapped WiFi hotspots as well as off of the cell phone network to determine the location of your iPhone. That's cool.
The other big news was the expected announcement of iTunes movie rentals. Tied into this, though, is another try with the Apple TV -- you can now rent movies directly from your Internet connected HDTV set, no computer required. That's cool.
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OK, the new MacBook Air and Time Capsule are cool... but NOTHING else about the whole keynote was.
Google maps has been doing the cell tower triangulation on a wide range of other devices for a while. Movie rentals at $4-5/each.. I already get that on my game console and satellite TV--for similarly ridiculous prices. Not really cool at all.. especially given Netflix offer. Least cool of everything? The $20 surcharge for iPod Touch users to get applications that ALWAYS should have been there. I guess any keynote was going to pale in comparison to last year--but I thought the iPhone, iPod Touch, and Apple TV announcements weren't even worth mentioning at a keynote.
How about a G3 iPhone that you can tether to your MacBook Air (since no internal cell support)? Maybe next year...