First, he emphasizes Microsoft's plan to create a flash-based Zune in order to compete with Apple's best selling player, the Nano. MS wants to sell a "lower-cost product" in order to "quickly boost its user base", which is a good idea.
Chris also talks about expanding Wi-Fi features to enable downloading tracks in public (he said this last time) and syncing wirelessly with your PCs. Still nothing about a Zune phone, however.
But there he does confirm that within a month, there'll be real news to share.