So, I doubt this is on the table for any time soon, but if some dev has time to take a crack at it, here's my wish list for the LFM panel:
1. Change the color scheme. That hideous khaki has to go.
2. Quest Queue. Change the design so that you can queue up an entire list of quests and it puts an -> on your screen that advances your LFM to display the next quest in the queue. Ideally, even make it so that you can simply add a quest PACK to your LFM and it automatically adds every quest in that pack to your list.
3. Sort quests by location/pack. The list is incredibly cumbersome to deal with and gets more so with every release.
4. Different entries for the heroic and epic versions of the same quest.
5. Reaper skull number displays instead of just "reaper".
6. Add wilderness exploration areas to the list so that you can select them manually.
7. Get rid of the class include/exclude option. It has no real value and takes up an enormous amount of GUI real estate.
8. If you currently have an LFM up, change your display background on the Who and Friends list to be bright gold.
9. Show, in numbers and on the main LFM listing, how many open slots there are. Don't make me mouse-over and count to figure out if there's room for me and my buddy. In fact, just list the names/class icons of everyone in the party on the main LFM listing. Those boxes are huge. Use that real estate. Put the comments in their own box.
10. Free (non-premium) players can't add comments to the LFM. This should do something to prevent the occasional but annoying LFM trolling, since you can't create a free account to post offensive garbage.
11. Make a second social tab for people to post trade and guild recruitment LFM's. If you click on it, instead of joining a party you just send that person a tell.