Borderlands took my love for killing things with a gun, my love for leveling up, and my lustful love for collecting color-ranked inventory. Because of this, Borderlands is one of the top three games I've played this generation by far. Could it be better? Let's find out by making a list of  needs for the new Borderlands, which I'm sure there will be.

*Custom Characters: Let us create our own characters based on specifics! Too many times have I ran into all Hunters in a game and it just makes the game feel boring. If custom creation is too much, let's go to the next step:

*Armor/Rings/Amulet Loot!: Being able to get real armor, and not just a shield, would be awesome. It would change the look of people and with several different varieties of clothing that could drop, you'd really be able to create an almost custom looking character to play with. Plus, it would make the game even more addicting to worry about your defense just as much as your offense.

*Sword/Sheild-Play: As much as I love shooting the life out of a bandit or crab, I'd sure love to see some brutal sword violence in the game. This would give a new variety to the game as well. (Possibly making a new sword-based class?)

*Much more variety in the skill tree: I felt the skill tree was pretty weak. Past a certain level, I've only been spending skill points just because I have them. There needs to be a skill tree that can make each class feel completely different. For example: a soldier has boosting abilities for himself and people around him, or can just Rambo his way in and out of a sticky situation, or can drop ammo if needed. Much like how Diablo makes a class feel different depeneding on what his focus is. Borderlands never made me feel this.

*Make Money Matter: I think in action-RPGs, gold and money is worthless. How do some games fix this? Diablo and Torchlight had a gambling process in which a player would spend a huge amount of money on an item that would either be completely worthless, decent, or amazing. This would help me spend my 9 million a lot more. I rarely go to the shops so I just mainly collect the money just because it's shiny on the ground. Another thing I thought of would be an online auction house for items people want to sell. Or if not that, just cash in max gold for a skill point or something else.

*Variety in Beast: Bandits of all variety were nice, but there should be around triple the amount of variety in the next chapter. That's triple from what DLC1-4 gave us too, by the way.

*Less Loading, More Killing: This is the least of my wants, but I really would like to see the game load once, or at least as infrequent as it does. If not possible, no biggie, but it is a want.

*Hardcore Hell Mode: Allow me to create a character that proves I'm the bee's knees. I want to be able to have my character be completely erased if I die. I want the enemies to feel near impossible to kill. A la Diablo's Hell Mode meets Demon's Souls. Note: This would be an option for those who just want the ultimate challenge in Borderlands.

Other wants?

Borderlands took my love for killing things with a gun, my love for leveling up, and my lustful love for collecting color-ranked inventory. Because of this, Borderlands is one of the top three games I've played this generation by far. Could it be better? Let's find out by making a list of  needs for the new Borderlands, which I'm sure there will be.

*Custom Characters: Let us create our own characters based on specifics! Too many times have I ran into all Hunters in a game and it just makes the game feel boring. If custom creation is too much, let's go to the next step:

*Armor/Rings/Amulet Loot!: Being able to get real armor, and not just a shield, would be awesome. It would change the look of people and with several different varieties of clothing that could drop, you'd really be able to create an almost custom looking character to play with. Plus, it would make the game even more addicting to worry about your defense just as much as your offense.

*Sword/Sheild-Play: As much as I love shooting the life out of a bandit or crab, I'd sure love to see some brutal sword violence in the game. This would give a new variety to the game as well. (Possibly making a new sword-based class?)

*Much more variety in the skill tree: I felt the skill tree was pretty weak. Past a certain level, I've only been spending skill points just because I have them. There needs to be a skill tree that can make each class feel completely different. For example: a soldier has boosting abilities for himself and people around him, or can just Rambo his way in and out of a sticky situation, or can drop ammo if needed. Much like how Diablo makes a class feel different depeneding on what his focus is. Borderlands never made me feel this.

*Make Money Matter: I think in action-RPGs, gold and money is worthless. How do some games fix this? Diablo and Torchlight had a gambling process in which a player would spend a huge amount of money on an item that would either be completely worthless, decent, or amazing. This would help me spend my 9 million a lot more. I rarely go to the shops so I just mainly collect the money just because it's shiny on the ground. Another thing I thought of would be an online auction house for items people want to sell. Or if not that, just cash in max gold for a skill point or something else.

*Variety in Beast: Bandits of all variety were nice, but there should be around triple the amount of variety in the next chapter. That's triple from what DLC1-4 gave us too, by the way.

*Less Loading, More Killing: This is the least of my wants, but I really would like to see the game load once, or at least as infrequent as it does. If not possible, no biggie, but it is a want.

*Hardcore Hell Mode: Allow me to create a character that proves I'm the bee's knees. I want to be able to have my character be completely erased if I die. I want the enemies to feel near impossible to kill. A la Diablo's Hell Mode meets Demon's Souls. Note: This would be an option for those who just want the ultimate challenge in Borderlands.

Other wants?

More here: 
http://www.neogaf.com/forum/showthread.php?t=409323    

i liked what Torchlight did with selling items. Maybe all the characters can have a useful companion character, like the hunter's bird, that can be sent off to sell your loot.
...though it sounds kinda "Saturday Morning Cartoon" when ya say it out loud like that...
 
or just a bank system where you can store items and retrieve them from various locations.
 
built in trading system rather then throwin yer weapon on the ground and hope the other guy makes an honest deal.

Give me a borderlands with a twist of diablo and I will actually enjoy this game longer than a few hours. I want my character stored on their servers so it prevents hacking (people making their own guns),  promotes trading and farming of rare weapons, and so I won't lose my character when I reformat thus taking away any little bit of temptation I had to buy the rest of the DLCs and play again.

I would like a crafting system and light machine guns.

a story that makes sense with a satisfying ending and better loot on bosses.