I like what they are doing with ADM files (now ADMx files). Finally XML-based. And they are no longer storing separate copies of each ADM in each GPO. And I know Tim will be happy that they included the ability to restrict device installation via GPO. Figuring out how to properly lock down USB-drive access in XP was a real pain (and still not 100% successful).
I'm still curious if they have abandoned the old IEAK method of managing IE settings that Group Policy currently uses. Surely they finally got things figured out and are using true group policies for managing those IE settings instead of that funky, buggy, piece of garbage GPO DLL extension.
http://www.microsoft.com/downloads/details.aspx?FamilyID=311f4be8-9983-4ab0-9685-f1bfec1e7d62&DisplayLang=en
Also, I don't always like Paul Thurrott's take on things but he did a pretty good writeup on the latest build of Vista.