While you were sleeping, I stayed up and took some notes...
Tim Cook kicked off proceedings with a State of the Mac - basically saying "the Mac is still making us rich, so don't worry, we still love it!"
Steve came back and started talking about
iLife '11 after telling everyone to turn their phones on silent. Naughty journos.
iPhoto '11: Revamped full screen mode, big Facebook integration, better photo emailing (no need to leave iPhoto), new slideshow system and really cool book printing and even letterpress cards! Phil Schiller gave us a demo of all this.
iMovie '11: New audio editing style with audio effects ("LUKE I AM YOUR FATHER"), People Finder, new themes, one step effects and an auto movie trailer feature that is incredibly cheesy, but you know everyone that does't know better will love it. Apple even had the London Symphony Orchestra make original music to use in your trailers. Randy Ubillos demoed his baby.
GarageBand '11: FlexTime (fixes bad notes within tracks), groove matching (fixes bad rhythm apparently), new guitar effects and piano & guitar lessons. Xander Soren demoed GarageBand.
iWeb
...