1) Support multiple sets of global raw params per file with ability to tag them with meaningful names. for example, exp -2, exp -1, exp 0, exp +1, exp +2 tags would be useful for sets combined into a single HDR composite.
2) Ability to apply separate conversion settings to selected areas within an image, including selections within selections. This might be an alternate way to handle HDR images. You could brighten shadows, apply more contrast to clouds, tone down burned out reflections, apply accurate white balance to individual areas, soften some regions while sharpening others, remove color and limunance noise locally, etc.
Basically #2 is CS2 adjustment layers applied to selections in the raw image at the appropriate step in the conversion from raw to RGB data.
3) Multiple cropping sets per file to support different output aspect ratios: 2x3, 3x4, 5x7.
If at least #2 and #3 were supported, DNG could more easily be the true master file for all images taken in raw format. There are still things that would require a PSD master file like multiple combined images in layers with special masks, special adjustment layers with masks, etc.
I think it would be easier to track images through a single file than through multiple files, and it would save significant disc space.