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After a couple days testing:
There are at least a few additional features worth mentioning: In addition to personal, work, banking, firewallvm, netvm, there is the amazingly helpful: Disposable.
You create disposablevm by invoking "disposableVM, web browser" in the K menu and there is a machine that will be destroyed when you quit the web browser (or whatever else you put in there). Very nice for checking out sites for risks. Every time, you get a fresh copy.
Also, considerable effort went into isolating the display and keyboard from each other (to limit ability of machine X to read when you type in a password on machine Y for instance).
The dom0 (host to the VM's) is almost unreachable. You can do little more than update it, even from the console. This is a good thing!
By default the VM's are Fedora 17. I haven't tried to do any other OS's or even other Linux distros yet.
Please note that I wouldn't care to run this anything less than 4GB worth of hardware (and that is pushing it). I have tested it in 2GB and it is almost unuseable due to memory limitations and the need to run 2 support VM's each needing ~ 256MB. Firefox isn't happy under < 512MB machine.
Not at all sure any of the VM's can be a server but again, early days for me.
Very nifty as a secure Fedora workstation system in any case.
Qubes is not a pure Linux OS, and is more based on Xen than anything else. What really makes it different is that it is an OS designed from day one to be extraordinarily secure. It is the first OS that I know of that uses virtualization as its foundation, which is how it achieves its security. It runs each component of the OS as if it was on a VM, so you have isolation of all those components. It also allows you to create a separate VM for each application, so if you are online and pick up malware, that malware is sequestered and cannot cause a system wide infection. I'm not sure how stable it is, last I checked Qubes was still in Beta, but it looks really interesting, and certainly worth a check out if you are especially concerned about security.