I'm sure I'm forgetting some of the other things it does. Those are just the ones I recall to be useful. But yeah, I like it. Probably spent more time playing with my phone that first day than I did playing with my home theater.
Oh, you can have different greetings recorded for different groups of people. By default these groups are defined in your Contacts: Friends, Family, and Coworkers. But it goes even further than that, you can record individualized greetings for each person if you were that crazy.