Hmm - I've pondered on this myself

The practical I've already accomplished

MFD2

Cruise Control

If I was going to go nuts I'd say my Ultimate Octy mk2 vRS would have:

DSG Gearbox with paddle shift behind the steering wheel

Four Wheel Drive that's easily switchable back to 2wd

LPG Tank to boost economy

Less rattles and squeaks in the cabin :P

Subtle Body Kit

Improved handling and acceleration

I'd be happy with about 250 HP on tap...

I'd like 4wd, more grunt and stiffer suspension - more a problem with the limited choices for a company car than by Skoda specs.

Also, I'd like a remotely operated boot - like in the Accord estate.