one big feature - alert the user on the display that the fuse is blown when the fuse is blown instead of reading 0.000, a lot of meters do this but there are significantly more that don't.
important normal features like jack sensing - continuous beep when plug is in amps jack on volts measurement ect, same as above, lots do, lots also don't.
in the continuity measurement/beeper, have a 2 stage beeper, high and low freq, say... less than 50 ohms low freq, less than 5 ohms, higher freq.
some sort of adjustable sample averaging, so adjustable resolution vs speed.
i'd consider removing the rotary switch, possibly free up some front panel and internal space, i wish there was a nice way to be able to have the meter "saved" in a mode, so when you turn it on/off/on it is still in the same mode - this also fixes the issue of default turn on mode.
i'm sure inductor measurement could be done fairly simply, i do agree basic ballpark inductance would be an excellent addition to most multimeters.
weight isn't really an issue, size is only somewhat of an issue too, i mean, there is a fairly large range of acceptable sizes of multimeter.
i think AAs are the way to go though, i'd be fine with even a ridiculous number of them too, say 8, simply because they're common and relatively energy dense and cheap, also, if you have 8 AAs in series, you cut down on the boost converters for backlights, diode tests, amplification ect
I do agree though, community would kill progress on something like this. Compromises are fine, provided you're compromising the right things.