Just one thing?  So now that WLE 2011 is released, excluding bug fixes I thought I would take a stab at what the next release of *client apps* might look like...

- Live Mesh: 3rd party application settings/user data syncing, extended IE9 syncing options (passwords, feeds, pinned sites, etc), support for WP7/Zune devices, sync Windows voice/hand recognition profiles, sync Live Photo Gallery people tags
- Live Photo Gallery: ability to PlayTo from within ui
- Live Movie Maker: additional upload plugins to 3rd party video services, a long shot but I could see support for people tagging
- Live Messenger: pin favorite contacts to your taskbar, twitter likely to come before the next major release
- Live Mail: ability to send video messages
- Live Writer: enhancements around HTML5
- Outlook Hotmail Connector/Live Photo Gallery updated to support creating photo emails using Outlook as your default mail client, support To-do syncing.
- Live Family Safety: maybe some WP7 interface with Family Safety web service.
- *new* client app - Windows Live Store is a app store for Windows and includes a management console to view/manage licenses across all your devices. May use Live Mesh in some fashion.
- Long shot (potential legal fight)...include Security Essentials with installer
- Unknown...new ties between Windows Media Center and Windows Live
- Unknown...new ties between Windows Home Server and Windows Live

On the web app/service side..obviously Office Web Apps will be getting alot of attention.  And SkyDrive UI could definitely benefit from multi-select file operations and the ability to move documents between SkyDrive and Sync'd storage.