I'm glad to see Time Machine as well. Combines the features of GoBack/Volume Shadow Copy (in 2003, and Vista) with a true backup since the data can be stored on an external drive or network share. I'll definitely plop a backup drive in my server for this, since my backups these days aren't automated and I don't manually backup as often as I should.
Spaces also looks to be the right feature set on virtual desktops.
My only disappointment was the Mac Pro lineup. While the dual dual core product would be great for work (if I didn't have a Direct3D and Visual Studio dependancy), I was hoping for a headless Mac with more power then the Mini. A single chip dual core Mac Pro option would have been appreciated, but I guess they don't want to step on the iMac market space too much.
I am curious to see when the iMacs will be bumped to Core 2, everyone else is already talking about it. I guess they may be waiting on the mobile chips to provide a drop in replacement for a speedbump, instead of making a new mainboard to move to the desktop chips.
While not discussed at all in the keynote,
Leopard Server looks to be a nice update as well. With calendar server support, this might be a perfect box to replace a Windows server with, even if it is hosting a domain, exchange server, and file shares.