I think when folks are saying the most exciting feature is the 'smart covers' they are using hyperbole. They haven't gotten a chance to touch and use the iPad 2 to determine speed improvements or OS improvements. If they already have an iPhone 4, they've already experienced the excited with the cameras, FaceTime, and even how thin it is.

For everyone who is comparing this against the previous iPad and not the iPhone 4, the most exciting features are probably 1) cameras 2) A5 chip or 2) HDMI out.