Who? Don't Care
What? RE4 camera/controls, but survival horror instead of action game
Where? A very small town + the surrounding wilderness, all probably ramping up to a secret Umbrella lab found in a mansion in that wilderness.
I'd really like to see the excellent RE4+ camera/control setup brought combined with the excellent survival-horror of RE0-CV. Improvements to the controls to allow for moving and shooting, and since players would be far more accurate, and since this is supposed to be a scary game, I would like to see a serious limit on the amount of ammo in the game (RE1 levels of ammo scarcity here).
I think it'd be interesting to have the town mostly open from the beginning of the game (with the exception of plot-based locations, which could easily be barricaded off by locked doors or burning cars or whatever; issues which you resolve to progress when the time comes), similar to some of the Silent Hill games. Most of the houses and shops around town would be explorable, and may even contain bullets, healing items, or something else of value (there's always an opportunity to have a currency system for upgrades), but the town would have an endless supply of respawning enemies, and the interior environments would also have enemies, though non-respawning. Making this a trade off of ammo and safety for exploration and potential found goodies.
To prevent having hundreds (or even dozens) of buildings to explore, which would get old very fast, I envision the town as being one of those tiny, central-US towns that are little more than a stretch of highway and maybe one or two cross roads. A place where the whole town only has two traffic lights, and the population is only a few hundred. I specifically thinking of a town I visited once in Arkansas, which consisted of a barber shop, a general store, a Dairy Queen, a few other shops (most of which appeared abandoned), and a trailer park. My imagined RE town would be slightly more than this (actual houses, larger environments on the scale of RE2's police station, where the majority of the gameplay would take place). A destroyed trailer park would help explain why there are so many zombies around a place which would otherwise have a minimal population.
Anyways the openness might greatly subtract from a Survival Horror experience. Or it might make the game feel like something other than Resident Evil. I readily admit that these ideas might not work, but I think it'd be a cool thing for Capcom to try (at least internally). You'd have a small, open town to explore, but there'd also be several large locations where you spend most of your time, like RE2 or CV. I would like to see the return of the doors which are all locked by one of four types of keys, so that when you discover one of those keys its a big deal, and there's a reason to go back to old locations (like the Card Suit keys in RE2).
Towards the end of the game you'd end up exploring the forest around this small town. I imagine environments not unlike Alan Wake's, but less linear. Enemies here would include mutated wildlife, and of course more of Umbrella's lab creations (as we're now getting closer to the laboratories). I could see this as being a truly frightening part of the game, as you try to sneak through the forest at night, hoping to disturb as few of the creatures as possible to conserve ammo and health. I would want these creatures to have a little AI going on behind the scenes, so that they might behave 'naturally', perhaps attacking and consuming each other, or maybe even giving the player the ability to injure one mutated animal and using it as a diversion which other creatures might swarm upon and consume. Going along with this AI, also, would be the fact that causing noise (such as by firing a gun) would attract unwanted attention, so there would need to be silent weapons and maybe some other methods of creating noise to draw attention away from you, such as by throwing a rock or whatever.
Finally, after some cog puzzles and whatever else, we arrive at a mansion or complex in the forest. Perhaps its a prison, built to help bring in money for the local township. A prison would actually be a decent environment, given the many locked doors and sprawling corridors in could present (not to mention your devilish rooms with the mirror on the one wall, through which something will inevitably burst). But behold, in the bottom of this prison, we find the Umbrella lab, where the conclusion will take place. A big boss battle, an escape sequence, an explosion, and an cutscene, followed by a credit roll.
It would be a reboot that takes the best of the old and the best of new, and a little bit of added inspiration from some of the other great games out there. It would probably get slammed for not being "RE enough" by both camps, but I think it'd be a great new direction for the series.