Although there is a lot of new features you may find in update 2 (you can find full list here),
These are my favorite features from the current update.
- New Blue Theme for Visual Studio IDE - good bye gray boring style.
- TFS 2012 update 2 has a backward compatibility with build machines from 2010, which means you don't need to upgrade the build infrastructure while upgrading to TFS 2012.
- Work item tagging - which is a new way of filtering work item query's results.
- While upgrading to 2012 you'll have as default your old version parameters, which means you don't need to remember all old configuration.
- New TFS connection dialog.
Microsoft currently working on update 3 (mainly for bug fix)...