The Axe I/O has been a total game changer for me. So much so, I now own two of them and a z-tone buffer boost. I've been using it on stage since last summer with AMpliTube 5 and it has proven to be an excellent rig that is scalable and portable.
I talk about how I use it and AmpliTube on my Youtube channel here: https://www.youtube.com/watch?v=aOZBkt5s51U
There are some things I'd love to see in the next iteration. And if anyone in IK Multimedia is reading and they need a willing Guinea Pig to road test anything, don't hesitate to get in touch!
Power
I'd love for the next AXE I/O to be bus powered. It's a big deal for live performance. I bought a back-up PSU from a third party and even though it seems to be rated the same, it actually doesn't work.
XLR Outs with Phantom Power management
When using the AXE I/O as a live tool, having at least four outputs is very useful. I have to use a DI box for the front of house though because even though the outs are balanced, they're jacks and I know that the sound engineer will often have phantom power going back to the unit.
A live friendly AXE I/O should have XLR outs and should be able to manage phantom power if inadvertently sent it. This is a big fail of the Helix because it gets in trouble if phantom is pushed to it.
From a design point of view, maybe it would be a good idea to convert one (or both?) of the front input jacks into combination XLRs. For me at least, having XLR outs is more important than having two XLR inputs on the back.
Rack mount
Being able to rack mount the AXE I/O would be very useful.