OK, get ready for this, just a "short" wish list i made...
-integrating the material library (by SirDude?) in the material editor (so we can have lots of material/texture presets)
-coding all the good texture plugins in the texture buttons.
-faster software OpenGL rendering for the interface (if possible)
-an A.I. system for animating crowds.
-using presets in the eefects window.
-integrating the external sequence plugins in the sequence editor
-better antialiasing (possibly adaptive AA)
-removing buttons and options that aren't used by anyone
-painting textures directly on meshes
-fur/hair/grass, cloth and fluid animation
-backface cull for the renderer (if it's not there already)
-gravity for particles (same as above)
-integrated GI/selective raytracer (yafray?) as an alternative to the scanline renderer.
-software drawing for the menus.
-more import/export formats (3ds, obj, lwo, rib, pov, and a lot of other 3D software/renderer formats)
-clean up the code to reduce file size (remove support for IKAs and old things like that...)
-change the blender python api to py2.2 (if that hasn't been done already)
-better blender video player
-make the blend file type more compact (if possible) and also the ability to load blend files from compressed (zip,tgz,ace,rar...) formats.
-fix the OpenGL hardware antialiasing but that i've been hearing about.
-work more on the render daemon (or start another network rendering system)
-speedups for the whole thing (the overall program speed?) (not that it's slow, but making blender the fastest 3D app won't kill anyone
-more sound formats for the game engine
-change the image loader so that it only displays a preview on the selected file
-faster/better motion blur
-change the polygon limit to 2x the current one...or just remove the limit!
-mesh to nurbs conversion
-more modeling tools (specially for the nurbs, they really lack modeling tools) to make things easier for everyone
-multi-language support (and the ability to change it directly using some sort of "language pack")
-a bug report system where blender saves the bug in a log that can be sent to the bugtracker
-a "render from command line" option (where the current file is saved, the GUI shuts down, leaving only the command line render)
-prompt for saving files when exiting blender
-add a "previous files" option in the File menu so you can load one of the last files instead of having to look for it(if that hasn't been done...)
-automatically place extensions when saving an image/file or exporting
-an undo/redo function (at least with a 5 undo/redo limit!)(and also remove the temp. file saving)
-add support for truetype fonts
-object collision (rigid body dynamics?) for the animation/rendering side
-try to find a method for getting env maps to reflect each other in animations
-add a "help" option that links to a user selected Blender manual
-add some links to important sites (elYsiun, blender.org, etc) for when blending online
End of wish list
Some of the features on that list may already be there, it's just that i haven't been paying much (or NONE at all) attention to Blender lately.
So don't start a flamewar is there's an existing feature in there