There's been a lot of developer frustration working with SharePoint but we all hope Microsoft has been listening. With that in mind...
What updated and new features for developers excite you about working with WSS 4.0 and SharePoint Server 2010?
One answer per feature please so the community can vote on each one.
Business Connectivity Services (BCS) - In MOSS it was known as BDC - Ability not only to read the data from External data Store, but to write back. As show in the demo video there will be a List of type for External Data, that will let you to connect External data store and automatically the Add/Edit form gets rendered.
I would have to say clean XHtml output. That has been bugging me for the 3 years i've worked with sharepoint.
XSLT based Rendering for the List Views
More control over Sync Event Handlers:
Currently in 07 We have an option to cancel the event set the ErrorMessage that will be displayed in the Plain Boring Page of SharePoint. It has been improved in MSS 10 ,now that we can set the redirect Page to which we want to redirect the user to.
Dev tools support
SharePoint is now a first class citizen in Visual Studio. You can throw away WSP Builder and Sharepoint Manager, both great tools for SP2007
Powershell support
Anything you could do with STSADM can now be done by using the fully power of powershell. There will be feature parity between the two.