I know this feature is probably a little advanced for many people, but what I woulcn't give to be able to put Mask Textures on objects.
Mask Textures are basically a whole seperate 2nd texture that gets placed on an objects (that is greyscale) that represents areas to be masked out (shown transparent). This of it kinda like a stencil. Without them we're kinda forced to ad-hoc use transparency on textures, but this isn't sufficient to do most advance 3-d modelling.
Additionally, this becomes a problem any when you want to animate a texture and would like the areas that is transparent to remain the same but the texture to move. For instance, Water effects would look much more realistic with a mask texture. In SLs current incarnation, it's completely impossible to do.
Since OpenGL natively supports Mask and Stencil textures and since the client is OpenGL based it should not be a major ordeal to add this type of support into SL.
Additionally, Mask and Stencil texture should not animate with the llTextureAnimate script command. At least not without an additional flag like 'MASK', since the full power of stencil and masks lie in their use as static overlays.
I believe, adding this simple but advance and extremely powerful feature only requires that all objects keep track one additional UUID for the mask texture, and since it would allow the more creative and talented modellers within SL to make much more realistic (and less quirky) looking objects it would be a feature that everyone benefits from.