Here is that I have seen thus far
::The Toolbar is huge, and the icons need work. I do not know how hard it might be to implement the standard OS X toolbar system (allow for names under the icons, smaller icons, get rid of the toolbar altogether) but that is something you might want to consider.
::The text smaller button looks like the Mason symbol.
::It is quite fast
::See if you can get the Favicons (little website icons) into the address bar itself, it looks misleading located outside of it.
::It needs to remember where it last was
::Tabs
::Have it conform to the auto-zoom rules. In Safari 3, this causes the browser to only get as wide as it takes to eliminate the horizontal scroll bar on the page.
::Growl?
::The bookmarks bar has places for bookmarks though none exist
::I like the progress bar, but why have the progress bar and the spinning indicator (which is hard to see IMO)
Sorry for so much criticism, and i understand if you lack the time to implement these things, but you did ask for thoughts.