Eventually, beds will set your spawn point. HALLELUJAH! That's the feature I've been waiting for. It would finally allow me to build a vast network of residences, not worrying about dying far from my spawn point and being unable to find my way back.
Some people bitch that it takes away from the survival aspects, but I disagree. Actually, if the beds did nothing but set your spawn point, I'd be satisfied with that.
Oh, and in case no one noticed yet: wood no longer burns forever under any circumstances, and sandstone is now naturally occurring in new worlds.
I'd still like some better navigation tools, or at least a way to show your current X,Y,Z without bringing up all the bullshit F3 displays. In the real world, you would have things to help you orient yourself and navigate, even in a "survival" situation. Minecraft is still lacking some useful tools in this area. The spawn compass is nice but a built-in minimap and putting your coords in the corner of the screen would be nicer.