Check out this list of new features in iOS 5 by iEatApples. It has reached 154 and is still counting.
Here's the first twenty:
1. Updated Lockscreen
2. New Welcome Screen when you start using the phone for first time.
3. PC Free Activation.
4. Notifications Center
5. Quick Camera launch from Lockscreen
6. Stocks and weather built into Notifications Center
7. iPod app is renamed to Music with new icon.
8. New Videos.app
10. SMS bubbles are green in color and iMessage appears baby blue.
11. Newsstand for Magazines and Newspapers
12. Ability to Create and Delete Photo albums.
13. System wide Twitter Integration.
14. New Twitter keyboard with # and @ buttons.
15. Ability to edit photos
16. Grid System in Camera
17. New rounded buttons
18. Notification Center has ability to sort notifications by "Manually" or By Time.
19. You can choose what applications to be included in Notifications Center
20. Ability to rename your device within the settings.
Hit the link below for more...
Read More [via MacRumors]