I just upgraded to StarTeam 2005 and here are my initial thoughts. The first thing I noticed is that it doesn't look all that different. That's probably smart. No need to burden the users with a learning curve. Aesthetically, they prettied up the icons in the toolbar and sported a new splash screen.
They must have read my earlier blog post, because the All Descendants functionality is now available in the Change Request and File Menus. There still isn't a dedicated shortcut for it, but you access it quickly using "Alt+L, A" when in the file view and "Alt+C, A" when in the Change Request view.
The biggest item on my StarTeam wish list is the ability to easily extend the application. Maybe I'm spoiled from using Visual Studio, where I can assign keyboard mappings and add plugins. One thing that gets me is Borland's willingness to give us access to the SDK, but not let us use it to extend StarTeam directly. I have functionality that is still missing. I can write it, but I can't run it from inside StarTeam.