I downloaded Beta 2 of Internet Explorer 7 (IE7) today and after the usual Microsoft install it crashed within 5 minutes (but then I suppose it is beta). In that short time I could see that it had all my Firefox favourite features of multi-tabbed browsing, multiple search engines etc. So I immediately went back to using Firefox.
The biggest problem I see for Firefox is not that people will go back to IE (not enough exciting features) but that it will stop the steady flow of people leaving IE. Firefox raised the bar and will have to do so again with version 2 if it is to keep the momentum going.
For those interested the 2nd Beta version of IE7 is available here. And there are plenty of screenshots on Flickr.
For those who do not mind the odd crash in exchange for cutting edge features Flock is well worth a look. Although this is not even in beta yet but is a developer preview.