Alright. I'll have a go. Here's my (very) short list of requested features:
- custom SMS tones
- improved voice command recognition
- voice to text input
- Bluetooth 3.0/ 4.0
- live icons (along with the calendar app, the weather/ clock/ and compass apps should have live icons
or make the weather, clock, and stock apps (compass?) into widgets
- improved multitasking: allow things to refresh/ check for updates in background (ex: mail/ facebook/ Twitter apps constantly refresh so they're always up to date)
- improved keyboard (Swype competitor? I've emailed Steve about this, and he said that they've tested it before, but found that it wasn't as good as their current keyboard...)
- live wallpapers (can download more from App Store)
- widget system (can download more from App Store)
- wireless sync/ cloud services
- much improved push notifications
- wireless hotspot feature (carrier's fault?)
- FaceTime over 3G/ 4G (carrier's fault

)
- when installing updates/ new applications, the process should happen in the background so that it doesn't "rip" you out of the App Store app (a message could notify you that the process is taking place/ has finished) -> know what I mean?
- "Kill All" multitasking apps button (don't know where you'd place it in the OS, but it sure would beat going through each individual application and closing it)
- enhanced mail (star favorites, etc.)
- refined folders (be able to have more than 12 apps in a folder -> ex: all games can fit in one Game folder, instead of multiple folders spread out across the screen)
- free voice navigation service (either it's free or it becomes part of MobileMe)
- major UI overhaul (current rows of icon after icon get boring... iOS could use something really fresh...

)
- get rid of YouTube app (m.youtube.com is far better than what Apple's currently serving)
- faster Safari/ better performance
- App Store app constantly checks for app updates, etc.
- smarter OS (ex: if you type an email and can't send it because you're not connected to the internet, instead of the message "Cannot send mail," etc. it should say "Will send message in background once internet connection is reestablished" and other little goodies like that)
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iPhone availability on Verizon, Sprint, and T-Mobile alongside AT&T