If so, there are three functions I'd really like to see:
1) A system extremely similar to AutoGK, encoding to XviD (and to DivX for those so enclined).
2) A system built with similar functionality to MeGUI (for encoding to x264 in OGM, MKV, and MP4 containers), but designed much more similarly to AutoGK. Basically, include x264 into the AutoGK-like conversion utility. Like MeGUI, it would really need to be able to call the command-line and free NeroAACEnc application, as x264 MP4 with AAC audio is where it's at. This would be a dream (and would also solve those occasional complaints about MC handling encoding to AAC).
3) A system to take basically any supported video type and convert out to DVD/VCD compliant MPEG-1 and MPEG-2 (including muxed and de-muxed files). It'd be fine with me if this were just a front-end to a commercially available MPEG-2 encoder (like TMPGenc or something), or if you had to buy the MPEG-2 codec function separately for a few bucks. Just since I know this costs a pile of money to license....
I'd also be nice to have the MPEG-2 portion of this have "presets" to recode files to fit standard media sizes (1/4 DVD5, 1/3 DVD5, 1/2 DVD5, DVD5, DVD9, and manual for example), and to automatically strip out menus and whatnot and only recode the main video files (similar to DVD Shrink).
If this were implemented, and especially if you were able to set them all up, queue, and "schedule" the encodes for later... It'd just be a dream come true. I think if you did it well, you could see some increased popularity also!
I'm not very interested in conversion to many other file formats (Real, WMV, MOV, etc), though as many different types as you can legally convert from into the above mentioned formats would be awesome!
PS. I'm sure you wouldn't, so that you don't get sued out of existance, but I'd leave the DVD extraction to RipIt4Me and DVD Decrypter. They work well so you don't have to.