Here is a-not-complete-1.5-feature-list take from the release notes:

• Multiple versions of the Android platform are included (Android 1.1, Android 1.5). The tools are updated to let you deploy your application on any platform in the SDK, which helps you ensure forward-compitility and, if applicable, backward-compatibility.
• Introduces Android Virtual Devices — (AVD) configurations of options that you run in the emulator to better model actual devices. Each AVD gets its own dedicated storage area, making it much easier to work with multiple emulators that are running concurrently.
• Support for SDK add-ons, which extend the Android SDK to give you access to one or more external Android libraries and/or a customized (but compliant) system image that can run in the emulator.
• The new Eclipse ADT plugin (version 0.9.0) offers new Wizards to let you create projects targetted for specific Android configurations, generate XML resources (such as layouts, animations, and menus), generate alternate layouts, and export and sign your application for publishing.
• Improved JUnit support in ADT
• Easier profiling of performance
• Easier management of localized applications. You can now include or exclude locale resources when building your APK from a single Android project.
• A new tool called “android” replaces the activitycreator script.

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