The last few weeks of a release is always quite frustrating. The team is itching to get started with new development and get on with the next version. However, users are testing the beta release and filing new issues and bugs, few tweaks need to be done etc. So overall, things are in a neither here nor there status. However, once we mark a release as stable, we move most of the development team onto the new release and things get more exciting.
CiviCRM v2.0 is a big release for us internally. The current feature list for v2.0 is here. I think it will have very few bells and whistles, but will have a much improved schema and a more extensible core. Drupal has shown us the benefits of building an extensible system. I think we still have a few more revisions to go before we get there, but we are headed in the right direction. Here are some of the things that are exciting about v2.0 (IMO)
I suspect there are way more changes than we can comfortably fit into a release and a few will be pushed back to the 2.1 release. There is always a struggle between doing a release periodically (every 3-4 months) vs taking a long time for a release (hence more code, more bugs etc). I think a "release early, release often" mentality is good for the development team and the community.