Interesting discussion. However, it's a discussion about solutions and wish-lists, before the problem has been defined. What will be manufactured is what will sell. Are we specifying the ideal lathe, the beginner's lathe, the affordable lathe, the best value, the best quality, one on which you can mill, swing huge diameter flywheels, what?
I don't suppose Myford (MkII) or Cowells sell many machines. Each serves a rather odd niche market, which seems satisfied with machines that are essentially 1930s solutions to the amateur user's requirements. In those days, the lathe may have been the only powered machine in the workshop, so versatility was paramount. Myford certainly achieved that, especially with its range of accessories.
Interestingly, Myford bought out, and closed Raglan, which made rather better lathes, and a milling machine. Perhaps these didn't sell as readily, I don't know. But Myford was cheaper and more versatile. Also, decades ago, a purchaser was much more likely to have received at least rudimentary workshop training, at school.
Now, however, imported machine tools cost a much smaller proportion of earnings, and amateurs' workshops often contain multiple machine tools. Sadly, as is evident from some postings on this forum, inexperienced and poorly-informed folk will happily spend a lot of money on machines, yet have little idea of how to equip and operate them. Their requirements are different from typical purchasers of decades ago, and they influence the market. The market is less discerning and less well-informed. Today's kids want a machine on which they push buttons and out comes a finished item. Will the 'screen generation' want manual machines?
Much as I hate to say it, I think Myford and Cowells have had their day. Leave them to the shrinking niche they occupy. They are terribly old-fashioned, but will never be fundamentally updated. Comparing current mass-production to them isn't very helpful.
So, what's on my wish list? I suppose the machine will be made in the Orient – pity, but it seems there's little realistic alternative. However the Orient can make stuff to any level of quality that can be paid for. So, number one on my list is for quality of design and manufacture to be improved – considerably. Number two is for the machine to be modular, so it can be added to, as requirements change and funds allow. I'm nervous about the long-term reliability of electronics, so keep it as 'mechanical' as possible. For amateur use, belt-moving to change speed isn't too bad, is it? The KISS principle is pretty sensible, at least in the home 'shop. And then all(?) the other suggestions, already made, can be considered – but as add-ons.