Today: Ditch the pseudorealism. Have characters beyond the scope of national stereotypes. Be able to abandon any form of traditional martial arts. Ditch "sequel"/upgrade mentality. Perhaps fighters can learn from adventure and platform games that have evolved and tried new things?
As far as gameplay goes, the number one thing that needs to continue to be improved is defense/blocking/counter. More thought and more varying animation should be put into this. This would be easier to do though if they got rid of the life bar or at least make it an option out of other choices (like selecting a special art in sf3).
Environment interaction is a good direction.
Pubs and Devs need to go balls out and start making online play and there communities as strong as possible.
Most important, we need fighting mods for this gen. Why do we have to use fps based engines? Can't Capcom, Namco, Tecmo, hell Midway package a competent editor for artists, coders, and designers to play around with? Look what it did for the fps genre