Everything I describe here is based on a stock Magic
1. No full Bluetooth Support
2. No way of checking what apps are running
3. Can't save apps to SD card
4. Music Player is lacking
5. Browser isn't brilliant
6. Market is hard to navigate
7. Battery Life could be better
8. Browser reloads a window everytime instead of caching it
New platform though, so these could really be easily sorted out. Besides, this list isn't as big as the one for the iPhone I had.