I am looking forward to testing out both new developments since I continue to more heavily integrate my iPad into the practice of law (in addition to amassing more Zombie games, including the highly addictive Call of Duty: Zombies HD; my joy in slaughtering zombies, albeit only in a video game app, is causing me concern, although there are apparently no moral issues in killing the undead).
The iOS 5 software update, which includes 200 new features, is being regarded as a big deal. Apple has a ton of information here (yes, largely promotional). Some of the features I am keen to try include iMessage, a new Reminders feature, the Newstand app (for managing newspaper and magazine subscriptions), and rich text email and and an improved Calendar. Plus there is the ability to synch wirelessly without the need to be connected to a PC.
On the other hand, it is harder for me to predict the impact on me of their new iCloud service. For what is described as a "hard drive in the sky," Apple will be providing 5 GB to users for free (with an option to pay more for extra space: for example, $100/year gets you an additional 50GB of space). Apparently, iCloud will keep your email, contacts, and calendars up to date across all devices, with no syncing required. SLAW has already commented on iCloud, including whether it stands to be a Dropbox killer. Of course, SLAW has also discussed the concern for legal professionals to ensure that client-confidential information is not at risk.