It runs great on much less hardware than Vista requires. It launches apps faster, starts and shuts down way faster then even XP did. It's better with power management. My laptop docking/undocking issues are gone finally. It isn't prone to those weird freezes (with the little spinning icon) that I get with Vista. It's rock solid and uses the existing Vista drivers just fine. The UI is improved, and there are lots of little improvements too numerous to recount here.
I listened to people who said "I don't see any big changes, why should I upgrade?". Then these people tried it, and they all, without exception, love it.
People like to bash Microsoft, but Microsoft is just an organization made up of regular people. The engineers, once unencumbered from the bad management that led to Vista, worked very very hard to create a great product. Instead of cutting things down that you haven't even tried, why don't you give it a try and see for yourself? The Release Candidate is a free download and you can use it for free until June 2010.
"Search" - all by itself - ruins the entire Vista experience.