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Most of the changes are for the 3GS ones I think - no wallpapers or multi-tasking for us 3G types! I do like the new folder options though, have mine all sorted alphabetically and it's noticeably tidier!
I was a bit disappointed too but I suppose it's now 2 year old tech and 2 generations behind the current model. I don't think any other 2 year old mobile gets software updates from the manufacturer anymore either.
As Hutch said you can jailbreak ISO4 and enable multi tasking and back ground wallpapers on the 3G, I have done it and it works well considering its not suppose to be powerful enough to do it, I made a thread in the jailbreak section.