I'll make my usual plug for Lionel to let us have some fun with foreign trains like a Gresley A4 or the Orient Express. The Flying Scotsman actually ran on American rails for at least a year or two - maybe start there?
I also think it would be really cool for Lionel to make double use of its S-gauge and HO-track and its O-scale lineup to make narrow gauge engines. Maybe Durango & Silverton or Cumbres & Toltec to start? Lionel could do a gorgeous Legacy version of some of those old steamers and run them on its own track, to O-scale proportions.
As far as features, I think the effects - like cylinder steam and whistle steam and swinging bells - are amazing and one of the reasons I love O gauge. Just as whistle steam has gradually spread across the whole Legacy line, I hope cylinder steam and other special effects will find their way outside the Vision realm and into more and more locomotives. The reciprocating smoke effect on the GS-series looks awesome.
I also want to take a minute to compliment Lionel on what seems like a fantastic improvement to the smoke units. I got one of the Lionmaster Big Boys and it smokes like a chimney! It's great!