It would be great to be able to click the "options" button within any product and be able to create and set up item specific options. We sell comic books on our site and any given issue can have any number of copies with different grades and prices but those grades/prices are hardly ever universal and usually are very specific to particular issues.
It may actually be handy if the options for products would still works as they do, but also popup in a modal window for quick creation, or edits, direct in the product admin page. The quantity pricing for products is accessible from the product page, or it's own page for example.