I would like (this is stuff that hasn't been confirmed or denied):
1. Let me grab the face end edit with the mouse. Maybe keep the sliders for fine tunning.
2. Body morphs! Not just fat, slender and muscular but the full spectrum. Let me edit height, muscularity, fatness, proportions etc. by the use of dragging and pulling. Google EVE Online Character Creator to see what I mean.
3. Apply the same principle to hair
4. High-res character textures and easy to use character creation interface
5. Decent lighting for the character creator section. Oblivion's was a joke and Fallout3/NV has that stupid chargen-o-matic thingy with a blurry and horrible interface.
6. Not exactly chargen related but I'd like to have hair and clothing affected by physics.
I wouldn't like:
1. Limited body options
2. Low-res textures
3. bad lighting or another o-matic interface gimmick. Let me create beautiful characters, don't gimp me!