• Sirius or XM radio over IP (with subscription)
• more flexible/revamped browse feature
• more flexible smart playlist options
• ability to order/download CD jackets and/or booklets (not just cover art)
• lyric search? I remember some weird RIAA hysteria over this
• crossfade burning to audio CDs
• separate checkboxes for songs in playlists from the ones in the Library
• new album art visualizer plus dashboard/like control a la iPhoto
• "smart" ranking system: option for files to gain/lose rank based on play count, number of playlists it's in, average rank for artist tracks, etc.
PS: HOM needs a hug.