I do not understand why people are especially excited about bitcoin. It's certainly moderately interesting and could provide some benefits but doesn't seem revolutionary in any sense I can see. I'd like to hear solid arguments for why bitcoin is something radically different from other currencies rather than a moderate upgrade on currency technology which will eventually be incorporated into existing currencies.

Well, it is decentralised. There are few other systems like that. It may stop it going the way of E-gold.