Today was not very exciting. The Keynote was not so brilliant, without any announcement or beta preview. By the way we know that TechEd is not a "wow" event like PDC, and this year PDC is under rescheduling ... so probably there's nothing really exciting at all.
Windows Server 2008 is almost known and available as CTP and beta; SQL Server 2008 (aka Katmai) has been released today, but without any public announcement during TechEd keynote. The Microsoft innovation wave will arrive at the end of the year with Orcas, Windows Server 2008 and SQL Server 2008, plus a lot of management tools and services like MOM, Forefront, Microsoft virtualization platform, etc.
I attended also a couple of sessions about WCF distributed transactions support, through WS-AT, and design principles for maintainable SOA services. Both were sessions about well know contents. Probably tomorrow will be more interesting.