Personally I'd like to see both:
1. A media server option where I can throw all of the tuners and large HDs in a box in the basement and let it serve, without a monitor or keyboard, to all of the Media Center PCs and Extenders in the house. Any other Media Center or Extender would need to be able to schedule recorded TV on the server from the standard MC GUI - just instead of "setting up" a local tuner, you'd set up a single remote tuner that feeds programming requests to the server (and the server looks after conflict resolution and running all 1+n tuners - n being many).
2. What we have now, except add the ability to easily share Recorded TV between VMC PCs for the non-technically inclined. I still believe that there is a very significant number of people who want to be able to purchase a Vista Home Premium PC, without a tuner, use it primarily as a computer, and run Media Center on it to access media, including Recorded TV from their existing, "2 tuner", Media Center PC (without necessarily the requirement of being able to configure recordings at all - basically what we have now but with a simple GUI to set up the shared Recorded TV and add it to the Watched Folders). Many of us already have this working, but I know many of my buddies who don't and all of them can't believe that Media Center can't share Recorded TV right from the Media Center GUI (to them Vista and Media Center is all about sharing media over the local network and this must be easy to configure).
STB w/R5000HD USB I/O, Gigabyte GA-P35-DS4, Quad Q6600, 4.0 GB RAM, ATI HD 3870 512MB, Ultra XVS 600W PSU, 3x SATA 500GB, 2x SATA 300GB, LG GGC-H20L, PVR-250, Toshiba 51H83 (51" HDTV), Yamaha RX-V2400 Amp, 5x Energy Speakers, SVS Sub, Harmony 880 Remote