I love P2 style, posting right on the page, and the threaded comments.
I would LOVE to see a few more features added that would make it perfect.
if in the interface,to have functionality like Tumblr and Facebook, for inserting, links, video, picture etc.. with the same simplistic approach they take in the update box.
Also, categories available on the live page, or as an option, per post.
Also a DELETE button available on each entry too!