Well, for a commuter, and perhaps some leisure riders, pockets would be nice. Dedicated pocket for the Mp3 player and/or GSM, pocket for wallet, keys and other minor odds and ends. I've seen jackets with integrated sleeves for headphone cords that come out at the collar; those are neat.
Bright colors and reflective patches are a must for anyone who cycles in traffic. Good seals at neck and wrists are a must on watertight clothes. So is good ventilation - armpit zips and maybe a zipped back.
To me, electronics belong on the bike, not on the biker. Lights should be attached to the bike, not the biker.

Magnus Thor
Iceland