My wish list:

Ability to generate and export statistics about uploaded / downloaded files.
Something like in Bearshare.

Ability to disable GUI.

Ability to run multimedia files inside PHEX via user specifed external program.

Ability to connect with all selected favorites hosts, not only with one host per click.

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1. Dont distribute other people's materials as your own work.
2. Share with knowledge
3. Knowledge should be free - because it's essencial for humans.
4. Dont try to make money on knowledge (except cost of media etc..)
5. Sharing ONLY for money (piracy) is bad thing.