4E is closer to what I wanted than 3E, interestingly, but then, it would have been eight years or so ago, too.
However, I'd like something designed from the get-go to not feature magic items, not become automatically epic after X levels, and to feature rather more "out-of-combat" stuff. I also think the D20 is a little too random for my taste, and maybe something 3d6-based or 2d10 based would be more pleasing. Very particularly I'd like to see wealth not be a factor in character power - I guess I want something that's more swords & sorcery-like, where the protagonists regularly go from rags to riches and back again, and where they're no less capable whilst poor.
What I basically would like would no doubt get called a "fantasy heartbreaker" by the hurr-durr brigade, because to them, every FRPG that doesn't somehow pre-date Earthdawn is (hell, ED was the victim of some similar accusations). That said, if WotC sensible-izes the GSL, it's possible such a game could be created.