At this point, I would say it being 32-bit software counts as "broke." I'm just saying, it is easily, at this point, the most crufty, behind-the-times piece of software Apple sells.
Well, iTunes might be. But it's certainly the most legacy-code riddled piece of pro software they sell.
Here's what I expect to see:
-Native handling of more codecs.
-Full 64-bit, OpenCL enhanced recoding, using overhauled Quicktime X core instead of now-horribly-dated "Quicktime Classic" engine, resulting in 4-8x speed increases on the same hardware (assuming a Mac Pro).
-Slightly less clumsy integration between applications.
-Overhaul and/or removal of DVD Studio Pro in favor of something that is at least more modern, but preferably supports Blu-ray.
-Overhaul of compressor and particularly Qmaster to be less frigging buggy, sensitive, and opaque.
Here's what I want to see, but very much doubt will happen:
-Full 10 bit per channel color support, for those of us well-heeled or in advanced enough studios to use monitors with said support, which are now increasingly available from high-end manufacturers and definitely supported by Display port.
-Full Blu-ray support.
-Better surround sound support in Soundtrack, among other things.
Support for some of these things has to be baked right into the OS, which they've started moving towards, but it may require Lion or just not happen for the time being for that reason.