One of my biggest complaints with ver. 1.5 is that WP now doesn't seem to produce real archives that work the way everyone expects an archive to work.
Unless you install a lot of hacks and plugins, your archive page is going to look exactly like the blog home page. It's going to have exactly the same number of posts, even if it is supposed to be a monthly archive. You can set things up to show only a few posts on your home page, but then your archives only show a couple of posts with previous and next buttons.
That's not how archives work in any other blogging platform I've ever seen, and it definitely isn't very intutive to blog readers. When you have a monthly archive, that's exactly what it should be - a page of every single post made that month without previous and next buttons. Someone who is looking for a specific article might never find it in a busy blog the way it is now currently setup.
I would love to convert my blogs back to 1.2, simply because I would have archives that work the way a normal blog archive is supposed to work without hacking it for days to fix it. :-) I hate to say it, but as feature-poor as blogger is, at least they know what an archive is.
What would be wonderful is if someone could write a plugin that works with 1.5 that would make real archives. And that would give you the option of excerpts of articles on archive pages, just titles, or complete posts. And get rid of those previous - next buttons on all the pages!