In Snow Leopard’s Preview, drag thumbnails out of the sidebar to make self-standing PDFs. Shift-Select (or Command-Select) several pages and drag them out to create a new PDF file containing just those pages.
The new version comes with added annotation – there’s now a bar at the bottom of the window full of various annotation tools such as shapes, highlighter, memos, underline, strikeout and hyperlink.
The text selection algorithm for PDFs has also been improved – highlight text in a column and get only the column you want.