Similar to how 2.3 overhauled the tagging, category and classification system, version 2.5 of WordPress will overhaul the admin area.
More than just a visual overhaul (which was needed), WordPress 2.5 will feature better admin functionality and an improved user interface thanks in part to Happy Cog.
There’s a nice article on WordPress.org detailing the work that went into the new Admin interface. Check it out.
The features that worry me the most are:
I’ve achieved all of those using plug-ins and custom PHP files. Seeing that list of features makes me wonder how it will affect my plugins and if I’ll need to re-do several sites to support the “out-of-the-box” features to stay compatible with WP 2.5.