#1 - loose 85 kilos which even if power output stayed the same it would immediately improve performance and fuel consumption.
Adopt fly-by-wire throttle-less induction such as Alfa Romeo's
Multi-air system (I'm sure there are other examples as well) to aid performance, low speed drivability, emissions and reduce fuel consumption.
Minimum range of 150+ miles.
Selectable power modes
Automatic gear shifting for when you just want to cruise plus a manual change facility with two stag rev limiter for those times that you want a somewhat brisk getaway or just want to play.
Active suspension (manual adjustment is soooo last year!) with selectable modes.
Traction control (not all of us are riding gods).
The latest ABS that also works when leant over (see comment above) and linked brakes operated by one lever - it works on a car so why do we need two actuators on a bike?
Adjustable foot pegs so all sizes can get comfy (the auto/ button shift and linked brake mean that you don't need to worry about foot to pedal relationships)
I'd also like a programmable dash so that I can see the information that I want to see.
And finally all at a price that normal folk can afford and not the silly money Yameringha want for the Gen II. If BMW can produce a bike such as the S1000RR HP4 with all of it's technology for around £16,600 then I see no reason why A Gen III should cost any more.