I saw this video from Microsoft about reporting in CRM 2011. I was interesting to see the new ability to create reports based on Fetch Xml. I also really liked the button to retrieve the fetch xml button on an advanced find.
This functionality will mean it will be easier for people to create reports because they get the contents using an advanced find.
The video is 10 minutes long but this is time well spent because they walk through making a report from scratch.