i like the phone to gear volume sync idea. seems like they could make that happen now with firmware update.
think more along the lines of hardware... like the being able to use the watch as a phone only (even temporarily would be cool, like having a cloned sim card in the watch)
adding an LED for a flashlight, regardless of camera.
wireless inductive charging
slightly larger screen (less bezel)
i kind of want a headphone jack, but at the same time dont... no need for extra spaces for water intrusion
a min of an 8mp camera if theyre going to install one. 2mp is nearly useless.