I haven't updated my project dependencies in a bit since upgrading from IntelliJ 7.0.3 to 7.0.4. I was pleasantly surprised after updating my POM dependencies that the Maven support has improved. In the past, the Maven support had a tendency to select less than ideal values for each module's source paths ... and it would overwrite my customizations every time I did a sync. I had come to dread changing dependencies because of this.
In 7.0.4 I had to refresh my Maven projects list; this took a few minutes. But lo and behold; it did a perfect job, not altering my personal changes. Bravo!