Here is my wish list:

Approval routing: version  1 had a better and controlled approval routing process than that in version 2 – bring back the version 1 feature.
Customizing the default web parts – the internal of the webpart cannot be modified using Frontpage.
Extending web parts using a wrapper class. (not possible at present as these classes are sealed)
Design time support for web part developers – for e.g. should be able to add a new button to the toolbar in the allitems.aspx and provide it with functionality from Visual studio instead of modifying onet.xml/schema.xml or writing new javascript functions