There's a lot of interesting ideas being tossed around in here. Some of them I can get behind, and some I might state as differently.
1) I agree that spells need to be toned back. In practice they're not all that limited a resource unless you're in a surprise encounter marathon. The design decisions to make individual spells be weighed heavily based on the expected number of encounters and number of uses per day seems to yield questionable results in practice.
2) Not a fan of stat scaling and the hunt for static bonuses. Scale back all of the maths such that it is never assumed that you will need bonuses of +X to +Y in order to succeed or be meaningful. The end result appears to yield situations where what you roll is largely meaningless. If rolling is part of the fun (and I think it is) then the effects of rolling should matter.
3) More meaningful feats. +1 and +2 feats to a specialized activity, feat taxes, and other such things are not as FUN as feats that alter or grant new abilities (such as metamagic feats).
4) Currently the system rewards specialization by requiring (sometimes extensive) investment in feats, spells, class abilities, stats, and/or magic items in order to be able to perform a given task reliably. If a person feels like there is a good chance that they will waste their turn because they're trying to do something Cool or Flashy, they probably won't.
5) I'd like to see the Cure line of spells changed to actually reflect the severity of the wound healed. Cure Light Wounds heads 1d8+X. Even at minimum, it can bring an average commoner from 0 to 2 hit points. Half his hit points isn't a light wound. CLW might barely touch the hit point total of a high level barbarian. Again, not a light wound. I realize this is a nomenclature thing, but the Cure line of spells is one of only two places in the rules that really screw with hit points as a coherent cinematic system.
6) Environmental hazard damage is stat damage (not falling though, because heroes standing up from long falls is cinematic).