Sounds like it would add just about anything people have mentioned wanting. (With the possible exception of a cassette interface (which could be built separately and fed with a serial line) and a "built in" video card (which would take some significant hardware and software changes).)
One thing I like about Geoff's PIC-based design for a serial terminal is that it allows a "daisy chain" serial connection. So if you had it attached but didn't want to use it, you could just attach any other serial device and it would simply pass the serial data through in both directions.
From a design perspective, I'd been thinking of using a "shield" board that sandwiched between the Arduino and the front panel. I was just going to use one of the proto boards that is available, but if you designed one that had some extra real estate you could build the serial adapter on it. A shield card would be easy to install, let you tap into the line for audio and let you insert 1K resistors in the PROTECT lines (for current limiting) as well as pick them off for a serial connection (maybe with jumpers that selected what you wanted to use those two lines for). With a bit of work, you could also bring up the lines from the removed RX and TX LEDs to a plug if you wanted.
To me, the big advantage of a shield of this type would be that you could design it so that any pin could be passed through, tapped, or routed off (or something in series or for another use) to the board. That could leave some flexibility for future features and additions.
Thanks,
Jim