The keynote at TechEd was as expected, we all knew about the impending release of VS2008, and still no fixed date yet (so no sausage there) and not really anything announced product wise that was not already in the blog sphere (so no real sizzle).
I think this is going to be conference on delivering on last years promises; how to get the best from the tools and technology announced last year, now that they are now really production ready and the early adopters have had a year to play with them.
My suggestion to all attendees - check the sessions with the real world experience. Due to the CTP and beta programs, there are some real experts out there on these products and many of them are presenting here (or in the audiences at the number interactive sessions).