iOS 4.3 doesn't bring nearly as many changes to the table as iOS 4.2 did last November. The release of iOS 4.2 was a watershed moment for the iPad, bringing features like multitasking and folders that made it a far more useful device than before. The iPhone got fewer new features in iOS 4.2, some of which have proven more useful than others; I use AirPlay almost every day to stream from my iPhone to my home theater system, but I used AirPrint once (after some hacking), then forgot about it.
For the iPhone, iOS 4.3 brings even fewer marquee features to the device. Most of the big features you probably already know about, because