I would love to see a full implementation of language dependant versions of the site.
i.e. when choosing a language once you only see the menu and the pages for that language.

e.g. Persist profile data, product catalog (for eCommerce), etc. in Microsoft CRM. Needs to allow for multiple persistence targets, ability to map modules to data sources.

While Orchard runs great on a properly configured web host, it can be problematic on some hosters like GoDaddy.

It would be great if Orchard could measure and log hoster related issues that impact performance (SQL Server timeouts etc.). That way a user could clearly understand what is an Orchard issue and what is a hoster issue.

With this type of information it would be clear where the problem lies and Orchard would be far less likely to get a bad reputation.

Add support for NoSQL solutions (specifically MongoDB which can be deployed on Azure and AWS).

Administrative audit history with rollback

Subscribe/unsubscribe to content lists on the site. Handle daily digests.

Microformats are a way of adding simple markup to human-readable data items such as events, contact details or locations, on web pages, so that the information in them can be extracted by software and indexed, searched for, saved, cross-referenced or combined.

See http://microformats.org

Easy Api to develop modules quickly without going to code generation and so on.......
stuff like that.

Live dialog between users of the site.

Single Sign-on using Windows Azure platforms Access Control Service

Would be nice to see support for workspaces. The idea is, that a editor/admin/<you name it> can create drafts (new pages, edit pages etc.), store them in an user specific storage, review them in the original site layout and finally publish them or propose them for publishing if changes needed to be reviewed by a user with more rights.

The MvcScaffolding package makes creating a CRUD interface extremely easy. It should be just as easy in Orchard. How about a OrchardScaffolding NuGet package?

ref: http://blog.stevensanderson.com/2011/01/13/scaffold-your-aspnet-mvc-3-project-with-the-mvcscaffolding-package/

I want to use Orchard in the Intranet..

Moodle http://moodle.org/about/ is the most popular example of an open source PHP web application that allows Teachers/Lecturers to create & track the progress of training/educational courses, including interactive questions with marking systems. LMS programs are used all over the world largely by Schools, Universities & Colleges.

Automatical Orchard Version Update - it's cool

Currently it seems there are issues creating modules in VB due to Claysharp. Prevents me (and maybe others too?) from committing to Orchard.

Private messaging between users of the application.

i think it would be much easier to work with the content items displayed in a treeview. This way the navigation is also setup and you don't see one big list of content. For localization: a dropdown of the culture and the treeview shows the content items for the selected culture.
Sorting could be done by drag and drop in the treeview. By doing this a sitemap could easily be created also.

Source code control could be used for any changes - whether fundamental changes by the site authors and admins, or more minor changes by site users such as forum or wiki entries. It seems this would enable 'restore points', streamline admin scenarios, and workflow.