Straight off cut content could be added which if some of you don't know was better water shaders , seasonal foliage, water currents in dungeons and caves, smarter stealth mechanics, and realistic dark dungeons and caves, and other awesome things. Now the graphics would be the same level as what high end pc mods can do and maybe even more, view distance could be tripled and textures would be the same quality as the mods. The biggest thing is the game could run smoother, and have more stuff in it like more grass, better lighting, etc.
Things I'd wish they'd put in is tessellation, PhysX, and a easy to use Creation Kit.