Been waiting for this one for several months, ever since it was announced back in March. Got my Touch updated (for $9.95) at exactly 1:05pm yesterday.
So far I’m liking the improvements, the most immediately useful (since I listen to a lot of podcasts) being the ability to scrub through podcasts & music at different rates. Strangely, this isn’t mentioned by the team at Gizmodo, who are usually very thorough.
By touching the dot on the timeline and dragging your finger down, you can scrub at “half-speed”, “quarter-speed”, and “fine”. Useful for skipping ads in podcasts or finding a particular point in a song.