Time Capsule: meh. I don't know that it's any more compelling than services like mozy. I guess it could be convenient though. I can see that people who just want it to work would pay for it.
iTunes movie rentals: Cool, but netflix is still cheaper. If it were $1.99 per rental than I'm definitely in. At the current price, I'm still on the fence.
Macbook Air: Cool, but skeptical. I guess I'm not sold on this type of machine anymore. And it seems a little expensive to be used as a "subnotebook". I'm sure its great for all those who would have bought a MacBook. I'll see how the ThinkPad folks respond.
Other thoughts: They didn't update the cinema displays.. but maybe they just didn't want to take up keynote space with it, since it'll likely be fairly unremarkable. I'm really happy that they didn't mention anything about HDCP and other hardware DRM schemes. It's really sad that MS has spent all this time building the technology for nobody to use, while Apple managed to get an easy to use rental scheme in place that a lot of people will use.