XWA under a modern engine is the minimum for me.
FlyingMonkey, I hear you on the privateer part (or we can say elite, or freelancer).
Would be great to have the ability to roam the galaxy, dock in stations, improve ships, astrodroids (or buy new ones), haul cargo, decide to help the empire or the alliance, join either navy if you want to (to drive ships which shoudn't be available on the free market, like the x-wing or the tie fighter), or just freelance in a Han Solo style with some smuggling... etc.
Which I do not think we need:
- real physics (its Star Wars anyway, xwa flight model was good enough).
- Too much rpg with you pilot (I mean, if you have more skillpoints you can turn faster... let my eyes and joystick work on that).
- Too much micromanagement (no, I do not want to see 10 types of lasers, 20 types of engines on the same ship. I wouldn't even allow to do changes to the standard military design ships. Corelian transporters are in a different league

).
- Too much rpg on the political side (no need for player factions, the good old alliance-empire-natural combo is fine, crime is a different question.
Sorry I got carried away too much, as I sad, XWA under a new engine and better multiplayer would do it for me.

Daydreaming? Maybe, but its allowed, is it?
Oh and sorry for my English.