Since the Chatbox that we are presently given lags like hell and logs you off so many times, I have come up with a better idea for it: Make it into a shoutbox. (Of course, give us the option on weather to use the chatbox or shoutbox though.) But, yea, since we cannot directly make our own shoutbox and using a shoutbox from another source is a pain in the butt (Guests logging in and saying rude things, lack of support, blah blah.), it would be nice.
Some options that could be useful are like the moderators of it, we can edit what they do (I.E. Multiple options for like bans, seeing ip's, deleting messages, editing messages, posting sticky messages, unstickying messages, etc.), instead of making them in charge of everything.
Also, give us an option to edit the time display in it, so that instead of posting when the message was said, it will display like how many minutes ago/hours ago/days ago it was posted. Also, an option to set weather we want the newest message to be on the bottom or top would be nice.
Could also add in like a message limit and limits to what the user can use in their message (as far as HTML, BBCode, etc.).
And, most importantly, a 30 second - 1 minute refresh rate on it so that users can see what was posted.