Apple Pencil holds way more potential than Apple has exploited.
Personally, I’d like it to be shorter and fatter. More like a sketch pencil than a drafting pen:
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Hexagonal body, grippy surface (not gloss.)
It should also have an “eraser” on one end for instant flipping and erasing.
Other additions could include swappable tips (already rumored) that give a more natural feel to things like markers and brushes.
Either a clicky switch or a Taptic Engine for tactile feedback.
Find My functionality with a little speaker so that it can make a sound when lost.
Some after market companies make screen protectors that make the pencil actually feel like a pencil when you use it. I doubt Apple would release a textured screen, but they may be able to make the pencil tip react more naturally or even use a Taptic Engine to make it rumble a little to replicate paper feel. (Yes, I know this would use too much battery to be practical. I’m just spitballing.)
Different color choices.
The pencil can and should be a lot more than it is right now.
So you expect it to be half the size with twice the features and don't see how that could be a problem?