Well, for the 3.2.2 release, we're especially looking forward to bug fixes in the portals, pull-down menus, curriculum, and intranet modules. The first three are important to us because we want to put a whole lot more content and functionality behind Knowledge Garden but we first need to make the site much more navigable. Our audience is likely to get lost (or worse, leave and not come back) if we don't give them really good guidance about what's on the site and how to get to it. While we certainly could accomplish this with static pages, the ACS functionality should do the job much better. As for the intranet, we want to use it for our own business purposes, and we're also looking into the possibility of being an ASP for it. We're holding off on serious experimentation with it until it's bug-free (or at least as bug free as it is in ACS Classic.)
The 4.0 release will be extremely important to us, mainly for the content management system (although we're looking forward to the new bboard as well). We have huge plans for integrating content management into the world of eLearning; I expect it will become a sizeable chunk of our business. There are, of course, other goodies we'd like to play with in 4.0, like the group calendar module, the more robust survey module, and wimpypoint2, but we're not really planning any particular projects around those.