Basic text/titling capability 

Having a simple text engine with the same support for x-y-z rotation + scale would be handy. Wouldn't need to be anything so fancy - think iMovies or simpler, using system fonts. Just enough to get callouts and simple titles done in-situ.

Transitions? 

Crazy idea, I know, and I don't care for the garbagey gimmicky variety, but it stretches the word "studio" if you don't have support for cross dissolves (beyond hacking it with two layers and farting about with opacity actions)

Ability to save output presets 

Since the beginning I've found it a real pain to have to go into the custom settings *every* *single* *time* I want to use a custom output setting. I'd like to save my output settings and have them added as a dropdown option (or better, set to default), that works even when I start a new project.

Having to set this per-project when you're working on a hundred videos is torture, and the workaround of having all of your screencasts in a single project isn't feasible with the single, untabbed timeline and less than robust organizational side of 'flow