I don't think there's any reason at this point to dive into iOS 5's new features too much. To me, the most important feature there is still a proper notification system. They copied it 1:1 from Android, and that's a good thing - it works, so why come up with something that doesn't, right? My iPad 2 updated just fine, but due to a hard drive crash and thus a Windows re-install, iTunes kept whining about this computer not being the sync partner or whatever nonsense - which you still can't easily fix. I have an evening of re-sorting my applications ahead of me. Oh the joy.
Moving on, Mac OS X 10.7.2 makes Mac OS X ready for iCloud, but on top of that, also includes a number of other fixes and improvements. Most notably, it comes with Safari 5.1.1. These two additions should please a few among you: "allow reordering of desktop spaces and full screen apps in Mission Control" and "enable dragging files between desktop spaces and full screen apps".
Apple also finally stopped drinking and removed disk image (.dmg) and installer packages (.pkg) files from the list of safe file types. Stunning it took them this long.
In any case, you know the drill - Software Update and iTunes it up.