Would be nice to see support for PNG icons in OS4, but not too bothered personally. It would either have to be...
1. Basic functionality of power icons built into the OS icon library so you could use a .png as a .info if you wanted to, maybe some example sets in contributions. Would imagine this could be done fairly painlessly and easily without delaying the release much, would be nice for people who were into customizing there WB.
Or...
2. A full makeover with the existing glow icons redesigned in 24 bit PNG and compatability with other programs, i.e. AmiDock, MUI, browser toolbars and so on. Would probably delay, the already delayed, OS4 and could introduce some nasty bugs if rushed through.
At the end of the day, there will always be something else people want in an OS update, but I think you have to draw the line somewhere otherwise you would never get anything released. As it is now the OS4.0 we will be getting is actually OS4.1 on the original planned time line and feature set - OS4.0 was originally just going to be a straight port of 3.9 to PPC, but instead we're getting much of the new functionality that was penciled in for 4.1. As I think Hyperion have said, an OS can never really be finished (the computer world moves/changes too quickly) and should be constant work in progress.