One really basic thing I'm missing is track delay on the channel setting. That's so useful when working with panned similar sounds and trying to get a feel and groove to tracks.
A few other quite fundamental features that IMHO should be implemented even before better EQ and time-stretching and automation and better instruments (Which I'd love but I guess they will take more time to develop and optimize):
-Copy or Double a part (Ctrl+D in Cubase) with an easy hand gesture. (hold and drag?)
-Double tap on an empty area between the left and right cursor on a MIDI track should create an empty MIDI part (as in Cubase).
-A drop down function list for selected audio parts with the most simple things to start with - reverse for example.
-Cross-fade for audio parts (If I haven't missed it). At least the option to set automatic crossfade at first. (with the ability to decide the amount of ms).
-Being able to choose more controller events than velocity in the MIDI part editor (pitch bend and modulation would be useful to start with).
-Being able to grab the line between controller events and MIDI notes in the editor so you could expand the controller area for easier editing.
-A curve and line tool available as drop down from the draw tool.
Just some first thoughts..