Here's the big 4 as I'd love to see them:
- 1080p- a full on BD quality match without compromise, meaning don't eek out 1080p so you can just barely claim it. Make it capable of matching 1080p in the various formats up to 60p as well as in Mbps. Give us (finally) a true head-to-head alternative to the "bag of hurt".
- App Store with enough flexibility so that third parties can deliver on the various wants that Apple chooses not to deliver themselves.
- "Normalize" the USB port (maybe add another?) so that those desiring local storage of size can attach whatever they want and companies like Elgato could attach one of their devices + app to extend functionality for those seeking DVR-like capabilities
- Borrow from the last gen
TV navigation to bring back some of the nicer presentation of menu options for our own content, rather than pushing it all into the "Computer" menu. IMO, it was better to have the dedicated menus in the previous gen, with the entries in each menu for "My movies", "My TV shows", etc.
Personally, I'd also like to see an analog audio out for the many receivers that have "Zone 2" options that only work with an analog feed.
I assume all navigational features will be much more "snappy", even for long lists of content.
Apple, could you please add support for 5.1 audio from consumer camcorders? Been shooting with that in relatively cheap consumer camcorders for years and years and still have to jump through too many hoops to try to turn it into a file for

TV
I still own the first gen version (as the second gen's only slightly better 720p max spec + Netflix) didn't do it for me. But I'd buy a 1080p version- even for more than $99- in a second (even if the rest of what's listed above didn't show).