3 favorite things:
PIP: Picture-in-picture. Not all apps support this feature AND I never thought I'd ever care about using it. But it's 'cool'. If you are using Maps for directions and you press home or recent and you go somewhere else, Maps drops to a small PIP window on your screen. If you touch it, it gets a little larger. You can move it anywhere on your screen. If you drag it off the bottom, it closes it PIP but the app still runs. YouTube Red supports this.
Notification shade: it's PRETTY. lol Apps can now show more info in there AND they can use color.
New calling screen when people call.
Fun but not functional changes.
Functional changes that I like include: huge overhaul on Notifications.
Notification Control. Now when you get a notification, you can swipe left and disable them right there. Instead of having to go into Settings > apps > blablabla. Huge improvement.
You can also 'Snooze' notifications now, too.
Notifications have priorities now, too. Some will fill your shade but not pop at you and others will. This is customizable too.
Android now communicates better to you about background tasks. For instance I never knew Pandora was running in the background every time my phone connects to my car.
Settings have been rearranged quite a bit. Everything is in more of a "that makes more sense" kind of place. BUT Battery Stats have been a little TOO simplified.
And finally, BT audio quality has been GREATLY improved by supporting some newer standard that I don't know all the details of.