Probably the most welcome new feature is a new, WebKit-derived browser. The browser has always been the Blackberry weak point when compared to the iPhone and Android. A lot of the other functionality seems to be trying to move the Blackberry firmer into the general-purpose entertainment device realm that the iPhone has staked out: better multimedia, texting, and social networking features.
As for the device itself, there's no surprise. It looks like it's playing on Blackberry's strengths: conservative design and a good keyboard. But it's unlikely to lure people away from the iPhone/Android duopoly. It's primary aim is more likely to keep existing Blackberry users happy, I'd suspect, and it will probably do that. PC World has a good overview of critical reaction to the Torch, and its verdict is that it's not going to do much to attract new users to the platform.