The list of features in the update are really quite disappointing. No 3D App tray, apparently no additional home screens. I want the supposed speed and operation improvements, and LIVE Wallpaper will be nice to play with, but not much else really in the update.
Now if this positions us to get Flash in a short time frame, then that is a gain!
However, this is not the end of the world.
It is not something to get so worked up over.
Disappointing yes.... devastating NO!!
I think everyone just assumes that 3D launcher and additional home screens is a part of 2.1 because the Nexus One has them. However, if you install the SDK and create a 2.1 Virtual Machine (which I did) you get Live wallpapers, standard launcher and 3 home screens. No options that I can find for a 3D launcher or more home screens. This tells me they are NOT part of 2.1 but rather that Google added something extra to the Nexus One to differentiate it from other devices that would eventually get the 2.1 update.
Now I am sure that a bunch of you will whine that Motorola should have included these also, but they were not in the 2.1 baseline code so Motorola would have had to create their own versions from scratch. Since this is a "Google Experience" phone they probably decided to take what is in the 2.1 baseline and use it. Plus - if they did add those features themselves who knows how much longer we'd be waiting for 2.1. Don't forget, Droid Eris and HTC Hero phones are still on 1.6 IIRC correctly.
A better indicator would be to download the source. I'll admit I haven't, but if its in the 2.1 source, its part of 2.1.