1. Printing - it's ridiculous that the iPad has no way to print (yes, I know about some of those apps...they're useless)
2. Flash support - There are way too many websites that require this feature...and I'm not talking video.
3. Folder support like in the Jailbreak app, Categories SB. The folders functionality that was release with 4.0 is really pretty poor. Limiting it to 12 apps and with useless folder icons is really not much of an improvement.
4. Better graphical support for iPhone apps. C'mon make the text look decent at least.
5. A way to toggle functions like SB Settings provides.
6. Multitasking
7. Minimized apps to a task bar
8. Much improved Mail, Calendar and Contacts apps. The current versions are little more than toys.
9. More "utilitarian" apps. Things like FTP, Faxing, native PDF support.
10. Full bluetooth support (file transfer, headsets, etc.)
11. The end to the inadvertent link click penalty in Safari. You know...you're reading a webpage and you accidentally brush a link on the page and the next thing you know, your page minimizes and the other page pops up and starts to render...you have to wait for that to finish, hit the the "tabs" icon and then select your old page and then wait for it to redraw and then refresh.
More later...