Just some of the things that Internet Explorer needs to get on par with FireFox:
- Tabbed Browsing
- Proper XHTML/CSS support
- Favicon/PNG bugs fixed
- Good extensebility like FireFox. (So that they can also create a AdBlock extension for it!

- RSS Support
- Theme support
But as MicroSoft just keeps crying about security fixes, Phishing protection etc (what you don't even need to worry about if you install FireFox) I think that none or only a few of those features will actually make it to IE7.
Don't count on Tabbed Browsing for IE7

And if they DO include it, then expect it to also be integrated into Windows Explorer...

Yup, a tabbed file manager! Just like the Gnome/KDE under linux. It just makes you wonder why it takes an open source project to invent such good stuff and that the MS team never thought of it...