It really improves boot and shutdown. This Mac starts up almost instantly. Shutting down takes only a few seconds.
It improves compilation of native code a bit, but not a lot. Macport installs are slightly faster. It doesn't really improve Java compiler results.
It also helps when you're running your machine at its memory capacity. I never hit swap hell anymore.
It does improve things, but I wouldn't trade the 2.6GHz CPU in this for the much-less-powerful 1.8GHz CPU that's top of the line for the Air.
SSD isn't a cure all. It's good for booting up, loading large applications, and when you're low on ram.
I installed an OCZ Vertex II in my 13" MacBook a little while ago and it made a big difference. I actually benchmarked the machine at each step of the process:
http://thingsaaronmade.com/blog/hardware-upgrades-for-develo...