With the release of the Absinthe jailbreak, I have finally upgraded to iOS 5.0.1!
I am super-impressed with the new photo album features. I've mentioned before that I do a lot of photo management and editing on my iPad, and now it's going to be twice as easy! I'd been searching for a good red-eye eliminator, and now it's built right in, along with rotating and cropping - all without the annoyance of a second copy of the photo. It's about time! Also long overdue is the ability to create multiple albums, though I'd gotten around that with the Cydia tweak PhotoAlbums+.
Less-intrusive notifications are also nice, but the multitouch stuff I've mostly disabled. With an infant often banging on the iPad, I prefer the gestures provided by Activator - though now I do wish Activator provided a way to switch directly between apps like the built-in multitouch.
Honestly, there's not much else that I find that exciting in iOS 5 - but the photo improvements are enough to make me very happy!