Out of the box I mean.
I’ll start with two: decals and decent shadow filtering for point/spot lights.
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GPU-accelerated light baking.
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A cup holder. Everything modern has a cup holder.
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INV^2 Light Falloffs.
(and a cup holder, I mean it’s not even on the roadmap, WTH)
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Well, out of the box maybe…
Buy shadow softener and shadow filtering is not a problem anymore.
Go into the Unity shader tutorials and find a tut on how to program your own deferred decal shaders (do work, tested them).
I think someone here on this forum wrote his own custom light falloff. Its actually crazy what you can change about the engine once you learn to write shaders.
Should all this stuff come out of the box? Yes. But then, Unity tries to be everything to everyone (the list of build targets gets more absurd (IMO) every day. Google Cardboard, really?).
Given the insane uphill struggle Unity fights here to keep up to date with ALL the weird mobile setups and OSes, all the Smart TV shenigans and consoles out there, I find it rather pleasing they were able to speed up their work on the more important innards of the engine as of lately.
Would I personally, in my own egoistic world, prefer Unity to drop all those useless build targets (for me) and concentrate on advancing the engine just for PC, and MAYBE the high-end consoles? Yes.
But I guess others would have Unity strip out PC and Console targets and concentrate on mobile or VR. 
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Well, if other engines can support almost as many platforms (and at a faster rate than Unity), I don’t see how and why it’s an issue for Unity.
Although, I’ll admit, the blackberry support was kinda silly
I would love a stream-lined approach to adding pixel art for 2d mode. It’s an absolute mess in it’s current state.
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Color coding for files and assets. Fanboys shot that idea down a long time ago because they didn’t want ther editor to look gaudy and didn’t want devs to waste precious time on it.
While it exists, Unity’s grid snap-to-grid feature is incredibly poorly designed.
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Nothing its perfect just the way it is, what could they possibly add to improve it? Other than like… nvm can’t be bothered.
Visual Scripting seems to be a big one for people.
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As far as I understood it Unreal started adding platforms at a way slower pace, instead concentrating on features for high-end build targets like PC or consoles first (Which gets a thumbs up from me).
Is it a good excuse? Well, given how much additional work it must be to make a new feature run on multiple platforms, I guess Unity would have surpassed ALL other engines in its feature set if they could concentrate on one platform. See how certain features fill 2-3 releases as it gets implemented for PC first, then Consoles, then mobile, or any other order.
Unity is hellbent on making things work over as many APIs as possible, and keeps many alternative renderers going.
I don’t know if UE4 has added a forward renderer yet. They started out with just a deferred renderer because… well, why do you need a forward renderer when the deferred works and works fast?
Its just an anecdote, but it highlights the struggles of Unity trying to have their cake and eat it too. They try to please everyone and their dog and at the same time close the gap to the higher-end engines out there, while other engines tell devs “develop our way or the highway”…
Its at the same time one of the reasons I love Unity though. For me it was “the highway” in UE4 because I couldn’t get used to developing the UE4 way. In Unity there are just more options IMO.
So yeah, I think either Unity ramps up their dev team big time, cuts down on the amount of build targets, or we will always be waiting years for important features to materialize while other engines develop faster and more focused.
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-changing my kids diapers!
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The Make MMO™ button
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Better documentation. With this, you can do everything.
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Double precision for larger game worlds, sequencer (coming very soon, I think), nested prefabs, better input and terrain system, visual script and shader editor.
Everything will eventually come… I hope.
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There is this:
https://www.assetstore.unity3d.com/en/#!/content/50668
(Though I think it used to be free)
This was something I ended up wanting as well, to make it quicker to recognize more commonly used folders or things in the hierarchy. I ended up writing my own.
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Go to UE4 or Cryengine for that cancer. Let our unity devs focus on better things. Artists have plenty of work to do with art, they don’t need coding too. As an artist/coder myself I picked up traditional coding and didn’t need unity to divert focus for me to have visual baby code. 
and 
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It’s “Donationware”, they use the asset store as a donation method.
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Maybe a hotbar at the top that you can drag assets into. It would be useful for accessing assets you use a lot, like level1.scene, mainAI.cs etc…