I would be looking forward to see a truly ASIC/FPGA defeating algorithm emerge. The majority of the current mining population probably does not care about such a development, but there are still good reasons to do this. We would stop losing mining efficiency to people using specialized hardware, which is expensive and botnets, however nasty, are still very cheap and possibly accessible to many and they would still be competing with cloud miners for a possible 51% attack. This could be an important step towards creating a coin which does not favor the big player and does not create a huge barrier for an idividual to start mining on basically any machine.