ILife 2010 would include...
Combine Final Cut Express and iMovie 09 to give iMovie a timeline and FCE some of the ease of use of iMovie. Make it free, at least included in the cost of iLife 10. Buy Geethree for the added capability to iMovie.
More templates in iWeb. Add more flash banner capability.
Addition of Soundtrack or at least Audacity functionality.
Let me turn off events, faces and some of the other improvements.
Buy Adobe, Audacity, Mpeg Streamclip, and add parts of them to Imovie 10. That would give us easy sound editing, more video options, more photoshop/iphoto options, more Streamclip type transcoding.
Don't, whatever you do, take users for granted the way you did when, after waiting to update iMovie HD, you forced the major changes of iMovie 08 on us.Buy Lynda.com, and add that tutorial resource so Ilife is more easily learned.
Hugh