Rules integration, Multiple contact subtypes, Upsell / change membership type, Permissioning integration with Joomla 1.6 ACL, Personal Campaign Pages - offline contributions, Integrate CiviCampaign with CiviEngage, contributions, events and mailings, and a few holdovers from 3.3.
In some ways choosing Open Source software is like making a bet on humanity. We choose to believe that without contract or obligation individuals, organisations and businesses will work together to produce something that benefits all of us. With CiviCRM it feels like we've upped the odds to double or nothing because the organisations that use CiviCRM represent some of our noblest causes (and some that we may not agree with) but parting with funds from cash-strapped or deserving organisations to fund shared development is a lot harder than spending money out of a business account.
In my mind contributing back to Open Source projects that we benefit from and CiviCRM in particular is both a moral and a practical obligation. If we want it to be there for us we have to be there for it. For those of us who may have limited funds Make-it-Happen is a great way to make our bet on a scale that is appropriate to us or our organisation.
Going into 2011 community funding via Make-it-Happen and direct sponsorship is going to be the key driver behind the remaining 3.x releases. Release 3.4 and 4.0 are both expected early in the new year with 3.4 being the last release that will support drupal 6 and 4.0 supporting drupal 7. Obviously supporting two versions of drupal will put pressure on the CiviCRM core team and the duration of that double support will depend on the community.
However, right now it's the time for us to think about what initiatives we want to support into release 3.4. There are some ongoing and some new intiatives up for sponsorship.