I've seen the idea floated around here before. I remember one suggestion being that you give several groups of people X amount of time to solve a problem. After that time, they present the solution(s) they come up and the community votes on them.
This suggestion has several problems, but maybe it could get a discussion going.
I think it'd be a good idea to keep a list of the ways we'd like to see LessWrong improve, sorted by popularity. Ie. email alerts for new responses.
So if you have an idea for how LessWrong could be better, post it in the comments. As people up/downvote, we'll get a sense for what the consensus opinions are.
I think there's a pretty good amount to be gained by improving LessWrong.
Note: I say "ways to improve" instead of "features" because "ways to improve" is more general.