Firstly, we need support for Audio Collaborations, but people know that already. What would be REALLY cool is if Newgrounds released a CD each year compiling the AP's best songs. There could be competitions to design the cover and stuff and all these artists would compete -- or collaborate -- to get on it. 'Twould be really good.
The main problem at the moment is that the AP is full of shit, and there's only a few good songs here and there, so it would be hard to find nominees -- UNLESS they finally integrate "Sort by downloads". There would still be some good stuff nobody's noticed buried down somewhere, but a CD would be really helpful to people who don't want to waste hours filtering through the songs in the Portal.
I personally think the standards are too low in the Audio Portal. As it was created to provide free loops and such for Flash authors to use, it didn't really encourage a lot of professional music. Most people just get a hold of a program like FL or Acid, and submit the first crappy loop they make. Not cool.
Anyway, who's with me on this idea? :D