Very happy to see three Subterranean Press titles on the list, and also to see that Novel and Novella are both tremendously strong categories. Novelette similarly looks good, though my early favorite is Paul Cornell's “One of Our Bastards is Missing” from The Solaris Book of New Science Fiction: Volume Three. The other two categories I'm really going to have to ponder, especially Novella. (An interesting thing about the Novelette category, though, as Farah Mendlesohn pointed out last night, is that only one of the nominees is from the United States).
I'm also quite pleased to see Liz Gorinsky and Juliet Ulman on the Best Editor long form list along with other (also quite worthy) more established names. As we discussed that category, Cheryl mentioned that Juliet edited two of the Best Novel nominees, and I think she deserves serious consideration this year.
Despite the fact that I'm only just now commenting on it, Graphic story was the first category I looked to last night, to see if we improved over last year's ballot, and I think we very much did. Paul Cornell has already started pushing Fables for the Hugo this year (despite the fact that his own Captain Britain And MI13 is also in the running) and I think it may indeed be the year for Fables to take it. In particular, I would oppose seeing it go to Girl Genius - I read the webcomic on a regular, MWF basis and was watching carefully as volume 9 came to a close to see if I felt like a Hugo-worthy storyline had wrapped up within the year. I very much did not. Don't vote for that (or, of course, anything) simply due to name recognition and historical fondness for the work or the creator, please. I generally adore Girl Genius but I don't think it should take the Hugo this year. Also, obviously, nothing can compete with Gaiman's Batman: Whatever Happened to the Caped Crusader? for sheer author and character familiarity, but if it wins that shouldn't be why.
Read each nominee (it looks like an excellent reading list, on the whole, and I'm looking forward to checking out those things I haven't read) before voting in any category. It looks like a good year for the Hugos.
Warm congratulations to all the nominees. :)