I know it would take some time as we would need to port to a device I would like to see, and it would be more expensive then a wrt, but if we are speaking of the 'perfect' one, here's the list:
'The good' (eg. what is needed imho):
Intel IXP42x CPU
RedBoot or u-boot bootloader
Atheros wireless in mini-PCI slot, not soldered.
External serial, JTAG headers onboard
at least 8MB flash and 32MB ram
'the bad' (eg. what would be kickass):
So-DIMM memory socket instead of soldered memory (with 32MB as default, so enough for most cases, but if people want to extend it, it's possible)
Gbit switch (sure, it would connect to the CPU with only 100Mbits/s, but the LAN would be on Gbit)
USB2 ports
POE support
'and the ugly' (eg. what to avoid):
Broadcom wireless cards or anything with binary-only drivers
If we take a look business-wise:
start with an opensource project from the beginning
sell only the hardware (eg. let the community deliver firmware for the device)
maybe make two versions, 'the good' and 'the bad'
if You take a look up there, the WRV54G would need only small changes to be the perfect one. For 'the good' they would only need to change the bootloader, the wireless card and add an external UART. Oh, and don't add the vpn features by default.