Character generation should, at its most basic, take less than 10 minutes for an experienced player and half an hour for someone who has never seen an RPG before.
0e and 1e had this. Early 2e had this, until the bloat set in. 3e never had this. 4e - well, you tell me and we'll both know.
It seems that people cry out for the addition of more mechanical options and choices in their characters in the name of customization, yet complain when character generation takes half the night and-or needs a computer program to do it for you. Well, the bad news is you can't have both.
Me, I'd prefer each class has all its options and abilities etc. baked in, ditto race; so all you do at char-gen is roll some dice, choose (or roll, if you like) race and class, buy some equipment, figure out what spells you have (if relevant), and flesh it out (e.g. age, height, weight, gender, languages, handedness, birthday, past profession, etc.) to taste...and the lfeshing-out can be done later unless the trap you just stepped on requires the DM to know your weight right this minute.
I'd also prefer there be relatively little change from one level to the next; so all the player has to do at level-up is roll h.p. and maybe a few other dice (percentile increments on ability scores, for example) and keep on truckin'.
Pleasant side effect to all of this is system mastery becomes much less of a mechanical advantage. Personally, I don't want to learn the game inside out - I just want to bang out a simple character or two and drop the puck.
Lanefan