I'd like to see 1 PHB & DMG (Honestly, I'd like to see one rulebook, period). The PHB should contain all the base rules the players would need access to; how to determine stats, choose class and race, select equipment, spells, how to handle combat and otherwise interact with the fantasy world.
I'd also like it to include a sampling of races, classes, spells, gear and whatnot. Enough to give you a base game, and the more it can hold, the merrier.
I think overall, I'd prefer the division of the Rules Compendium and the "Heroes of..." books. While the essentials breakout is somewhat aggrevating in the number of overall items, if you could break the game into Rules Compedium, "Heroes of .../X Power and Monster Vault trio, I think that would work best (Then have a beginner box that contains a mix of all three for the 1st - 3rd level of the game).