Here are my thoughts after using Sharepoint for 10 months.

SPS
Area template, provide an easier way to create/manage template (i.e. with Frontpage or graphically)

List Template, allow to make template available site wide, as opposed to the collection like it is now

Datasheet library and multiple file upload should not be dependant on Microsoft Office 2003 but available as a plug in

Provide the ability to move content included in Topics, for instance, move a list or document library from one topic to an other one, without the need of writing custom code

Ability to move a list/doc lib from a site to a topic

2-way integration with AD, it is great that we can import profile but it will be better if the change made in the profile in SPS will update AD

Listing: deleting a document MUST delete all associated listing

When a user has contributor right in a area, he/she should be able to manage listing. Currently only users with “Manage Area” can add/delete listing

Ability to apply a template to an existing area that will modify the area web page.

Ability to create list template that will override existing lists. Like “Document Profiles” in Sharepoint 2001

Ability to send link from the portal by email

Enhanced Search capability and ability to EASILY customize the search and search result page (for instance to see the columns in the search result)

Listing, provide an easy way to review where a document has been listed and to edit listing, as opposed to today solution where each listing are managed individually

Security: ability to change security on area content, i.e. ability to change security on a list or doc lib

Ability to have multiple site directories with different ways to provision sites based on user choice

Ability to edit Standard site template graphically

Ability to upload a Site template for the main Site Collection without the need of messing up with XML configuration files


For WSS
List View: Ability to sort/group on calculated/system field

Images link, provide an ability to browse and pick images without having to type a URL

Doc Lib, Editing a document should force a check out. Or at least, user should not be able to save unless document is checked out

Frontpage customization, extend the customization to other page, like upload.aspx,

Ability to restrict security on views

Doc lib, ability to restrict content on files/folder (like it was possible in Sharepoint 2001)

Make links, toolbar, menus sensitive to security. I.E. all users I talked hate the fact that they click on something they are not allowed to see.

Lookup field, allow to lookup accros a site and site collection. Currently lookup are restricted to the same site, which limits the usage