I hinted at some of these in another thread. But for more specifics:
-Navy-
1: Coal powered ships should have to hop from port to port, recoaling. I shouldn't be able to send an ironclad from Belgium to the Pacific. Instead, if I want my Belgian navy to operate in the Pacific, I should have to colonize with some ports. It defeats the point of having ports in South Africa, Ceylon, Singapore, and Hong Kong if I can sail my ships strait from Southampton to China without any penalty.
2: Give me a REASON to send my ships out into the pacific. Without blockades and/or some form of commerce raiding, the navy will never be accurately simulated. In Vicky it was only useful for dropping off troops, and for ahistorical shore bombardments. Heck, there was even a ship called a Commerce Raider that was incapable of raiding commerce.
3: Some mechanism to get the AI to modernize their navies. I always get tired of seeing Man-O-Wars in the 1920s.
-Politics-
1: I like all countries having the option to colonize. BUT I think there should be a militantcy hit among certain pops when democratic countries build colonies. I'm thinking mainly of when an american countris build colonies in Africa. If a player wants to that is fine, but it should cause quite a stir back home.
2:State Capitalism. If you had the patience, even with V:R, any player could make Russia, China, or, if you were good, the Ottomans or Persians completely economically dominant because you could have an absolute monarchy with state capitalism, meaning that as soon as you got some machine parts you could build whatever factories you want and bypass capitalists, who eat up their own income buying their desired goods before they invest. Something is wrong with this picture. Reactionary parties in absolute monarchies should not turn their countries into economic dynamos. Find a way to fix please.
3: Foreign Direct Investment. Someone else on the forum has a thread devoted to this. My only comment is that there should be some incentive for minors and unciv countries, which don't have capitalists, to liberalize their economies. If international capitalists could invest in open economies, it would mean that laissez faire parties wouldnt be a death sentance for countries without a lot of capitalists.
AND GET RID OF COLONIAL WARS!!!! They are ahistorical for the time period, make no sense, leave open a million exploits, and screw with the AI. By this I mean colonial wars between civilized nations, not the kind that happens when a major declares war on an unciv.
-Imigration- Please please improve the immigration model. Need I say that Alaska shouldn't attract more immigrants than New York.
I love Vicky and I'm super excited about V2 so I'm sure I'll have more suggestions when I think about it some more.