Well, I think MED not really needs a replacement since there are many better model editors out, like Blender, ZBRush, Cinema4D and so on.

The only really thing that need to be changed is WED.

I would like to have a material editor like in Cinema4D, and other features from blender and c4d

Here is a pic from what i mean:


The red parts are the material editor - really needed
objekt strucutre and the ability to add textures/materials - green
other features i miss in wed, like GOOD booles or Hypernurbs - yellow