MAN I can't tell you how awesome it is to have Galaxy Nexus and ICS public. Now I can talk about it a little. ;)

Here are some of my favorite features not covered in the launch demo.

Updated Settings
We've seriously revamped the Settings screen organization. Items are arranged much better now, and it's easier and usually fewer actions to find what you are looking for.

Disabling Apps
ICS adds the ability to disable an app outright. Don't like an app that came preinstalled? Disable it! Its resources never run and its launcher icon is gone until you re-enable it. (This doesn't free up any space -- it can't, since pre-installed apps are included in the read-only system storage. But it does put them "out of sight, out of mind.")

Camera Controls
The camera controls have been redesigned and are easier to find and mess around with.

Improved Download Manager
It looks better and is easier to find and use, and to see and clear any downloads you might have.

Support for Encryption for Phones
Honeycomb added full-device encryption, but ICS brings it to phones.

Audio Effects
There's a new audio effects API. Nuff said, really. :)