Personally, I would like to see an alchemical effect that makes an enemy fall unconcious after a few seconds. This could be applied to an arrow or a dagger, and could be easily used to incapacitate an enemy without the use of lethal force.
Also, a poison that commands creatures or people would be pretty useful. Just use it on a bow, hit a marauder from 100 yards away, and watch him attack his friends.
Any other suggestions?