See the full feature list for yourself.
I think I'm going to pre-order after my credit card statement rolls over for this month. I noticed that the Apple Store is offering 500 GB Iomega drives for $129 with Leopard while supplie last - perfect for pairing with Time Machine.
I'm considering doing a fresh install. When I bought my MBP, I got it at the store and it came pre-installed with Tiger. However, if I had done a fresh install (as I should have when I got it home) I could have avoided the extra language and printer drivers and saved myself a few GB of space.
Of course, fresh installs are always a pain in the ass since you have to reconfigure your system again. However, I think Time Machine might be able to help me out. In theory, I should be able to upgrade to Leopard on my current installation, set up Time Machine, have it back me up, wipe off my disk and do a fresh install, and then use Time Machine again to restore my files. If I decide to go this route I'll certainly blog the procedure (or my complete and utter failed attempt) for your viewing pleasure.