I wish iPod could have following features.
1) FM Radio
I agree that having your own custom playlist is much better than listening to Radio, but nowadays we have plenty of good radio stations in our cities. And you never know, some of them may be playing that 70’s song which you don’t have in your library !
And few stations give you city specific info, so its really worth it.
2) Blue Tooth
Imagine, you like a song in your friend’s cell phone and with a click of a button you transferred it into your iPod! I know Apple will never do it. It will kill their iTunes business.
3) Recorder
Now, what would you do if your iPod has 60GB of storage?? Obviously you would start recording the live music concert  and enjoy it as times as you want.
Tip: If you have a recorder in your iPod, just don’t tell anyone. Pretend that you are listening to the music while your friend is ‘praising’ your boss. Then you know what to do.
4) Data Input
Ok, so your iPod has got To do list and the Calendar function but whats its use if you can’t enter the events when your are not with your laptop? You don’t want to rush to your PC and update the Outlook Address Book and then sync it with your iPod when next time your friend tell you his new cell number!
Apple can think of a virtual keyborad (like origami) which you can control with your wheel.

5) Internet Connectivity
Nothing can beat downloading a song or video directly from internet as soon as it comes. And you can check latest wheather report, your stock quotes and even your mails!
Possibilities are endless.
If not full fledge conectivity, we can atleast expect for wap based sites.

Apple guys, are you listening??