This session fell into the "too much information too little time" category, which seemed to be the common denominator among the sessions at PDC. There are lots of things coming on the ASP.NET world and MVC, which has recently been released as Beta, is only one of them.
MVC has been very well received by the community and definitively shows promise. Microsoft has made it very clear that one of the main objectives with MVC is to appeal to the Ruby crowd.
The other main aspects that will be the focus of ASP.NET 4.0 will be Dynamic Data (which will feature improvement to what has already been shipped in SP1), Core, AJAX and Forms.
In this last area, the main features are around more control over what it is rendered, cleaner HTML and improved JQuery integration (you can get a glimpse of the integration here)
There were 2 other interesting things mentioned: The new buzz word is "hybrid applications", where a web app does not have to be 100% MVC, Web Forms or Dynamic data but a mix of them using the right technology when appropiate. The second one was a brief mention of "Silverlight server controls". I wonder if more info about this will be available of day 2's keynote