Here are the major updates from the conference:
Nexus tablet will be released mid july. It is 7 inches and will cost $199. Seems like a big iPad/Kindle competitor imo. You can read about the exact specs here
Also, Android 4.1 Jellybean will be released mid july. It will be released on Galaxy Nexus, Nexus S, and Xoom. You can read about the features here but honestly they are just minor updates. I believe that is why we are only going from 4.0.4 to 4.1 rather than to 5.0 at this point.