Trading system. Every other mmo has some forms of a trading system... more vault space would be nice as well.
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Trading would be terrible. If you have a clan, pretty much everyone in the clan would have every exotic, because people would just give their extras to eachother.
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Trading would ruin this game. There is no way they will ever allow it. There are simply not enough weapons or exotics to support such a thing.
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There was an AMA on reddit of an anonymous bungie employee saying they removed trading at the last minute. Of course, it was anonymous for legal reasons, but it may have been fake. The answers seemed pretty legit, though.