While facelift would make program prettier, I strongly believe it has to be done holistically. Both design and workflow have to go hand in hand. There have been quite a few excellent suggestions recently and I am sure this will be an interesting discussion. I will start at less obvious suggestions.

*Radio Bar - removed or made optional. Definitely hidden on default installation.
*Usable "Timeline" Navigator across most views.

I made a short video showing why I believe navigator should be re-thinked: