Great review bobby. I agree with you, the new design is incredible. Simplicity is the key after all. But like you said, having a do it all product is indeed intimidating.
Am only guessing here but I suppose the people at Springpad were mostly targeting users for home use. Though it might sound like a good idea to have a horizontal solution with extended functionality, I think people appreciate more vertical solutions that do one thing really good (like on the note-taking part Evernote is the king with its advanced search and desktop solutions ). Then with vertical solutions you have the problem of trying to integrate everything.
What is your thought on the whole Vertical vs Horizontal products? (talking about web/mobile apps)