support for nested toc
The #1 new feature I would like to see in any kobo updates is support for nested tables of contents. My Sony PRS-505 does this.
I download news from several sources using Calibre and they often have both headings and subheadings in their tables of contents. The kobo lists all items sequentially, so the table of contents can be quite long. One I downloaded this morning has a 26-page table of contents! Given the relatively slow response time for page turns, it can be time consuming to make your way around.
My sony lists only the main headers, and when you select one you are taken to the sub-table of contents for that section. This is so much easier!
Many commercial ebooks have similar TOC structures, too.