Well if I think about it more, I would want

1) FBX import/export in WED and MED working - love to HAVE it (i know it's coming, and thats great! Levels can be imported from 3dMax, Modo, XSI and lots more...), but can we have it so it imports everything, textures, mesh, static mesh, models, lights and so on.

Number 1 would make a GREAT xmas gift

2) FAST Soft shadows, people have been waiting for this from about day one.

3) Finish all the 'experimental features' on beta page, I like to see all these done

4) Finish 'New Rendering Kernel' and make it public (download page).