New items are nice but they're not what makes a game good or bad IMHO. For me what's really important is the story and the character development. I'd like to see bigger/less linear maps, more dialogue options and more varied and intergalactic side quests. It'd be nice to have a reason to return to a planet more than once, other than sightseeing...
In Kotor 2, the influence system's ultimate goal was to transform your party members into Jedi: once this was done, there was nothing more to do with them and personally I prefer not to have an entire team of Jedi.
Turning party members to the lightside or darkside, ended up just being a cosmetic change, more or less. I'd like to really have more dialogue options and seeing them respond to the PCs choices. An example would be in Kotor 1, you could convince Mission that her brother was no better than bantha fodder and he deserved any faith he could attract upon him (don't remember the exact dialogues). I think this was well done and the only thing that was Missing was to give some DS points to Mission.