I would love to see and updated 1200 MB released but HDMI wouldn't be high on my list
The 1200 was a little under-spec'd when released so I would like to see something closer to what it 'should' have been with a few minor updates, for example:
1) VGA output (with some new VGA screen modes)
2) 8MB [fast] chipram
3) Higher motherboard chipspeed
4) Faster blitter & Copper (eg AGA done properly)
5) 030 + FPU
6) Some [fast] fastram would be nice!
And the closest thing I've seen so far to this (apart from WinUAE!) is the
FPG ARCADE, although CloneA may also fit the bill....who knows.
Obviously if it wasn't done as a simple drop-in replacement of the existing MB, then it would also be good to get easy access to a DVD drive, some USB ports and some card reader slots in a Mini-ITX or similar case.
The further you get away for the originally chipset the less 'Amiga' like it becomes so what I've listed above builds on the original 1200 ideas instead