I, for one, would like to see a REALTIME version of VATS. It has the VATS interface, but your "sights" are live and you move and aim onto a moving target with a moving %-chance. Just like real life! No game "pause".
If target is ducking and diving - your targetting computer can display (depending on your skill) your chance of hitting that particular bodypart.
Now while VATS mode is "on", you are getting assistance from the Targetting computer, and thus your hit-chance improves by a certain % (depending on the CPU/software/upgrades you have in your Pipboy).
However... while using this mode... you physically "slow down" to stabalize the shot (much like a sniper would)... and thus are an easier target as well!
Ofcourse, Line of Sight, use of terrain to advantage, crouching, and prone position, straffing, smoke bombs, weather (fog/rain) will make more difference.
Taking notes, devs?
Wastelander since
C=64!
Awaiting Alpha/Beta testing!