The one point (OK, one of the points) which I think will be VERY confusing to the power user is that the "Automatic Termination" function will remove programs from the application switcher. Given that they're still existing as a process, what's the point of this? The whole point is that launching and quitting apps should be transparent. Why remove it from the application switcher - which will now be the only way to see what apps are running, given that the little doc light gems are gone by default - thereby making the user click on it to restore it? There's no benefit, and it's a jarring concept ("Hey, where'd my app go? I didn't quit it!") I don't see the point.
I've observed my parents, wife and sister using OS X and they've NEVER ever quit an application "the Mac way". They just click the red cross and think that quits the application as it does on windows. The only person who gets upset about their behavior above is me and with this change, even I don't need to bother. I think it's a change for the better. The policy for automatic termination is VERY conservative so I doubt an application will be terminated when you really don't want it to.
I think they're off by default for new installs but on for upgrades from Snow Leopard. My upgraded-today Mac had them on by default. Either way, you can switch it in System Preferences > Dock > Show indicator lights for open applications.
