Here are some ideas:
1. A recommendation engine, similiar to Genius in ITunes or the recommendation engines at Amazon and BN . This is such a no-brainer, I gotta think its going to be the next major upgrade
2. A much bigger catalogue, including exclusives from hot new authors
3. More sales and promtions, like the big Amazon sale in June. A 0.99 cent sale every week on some books could be done similiar to the .99c rentals on Itunes
4. More community outreach. Where is the Ibooks blog or book club?
I know that Applecan do thse things,since they do this with music and ITunes and with the App Store. Hopefully, Apple will do the same with Ibooks, once its get Ios5 shipped.
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