While I do know that James Cameron has stated that the Collector's Edition will be the final re-released cut of the film, if he was to change his mind in the future and bring out a new cut of the film, I would love for him to put together an alternate version of the film that is closer to the script, a cut which includes the deleted scenes from the Collector's Edition fully finished as well as the alternate scenes, including Jake's duel with Tsu'tey and the scene in which Neytiri's thanator kills Wainfleet. My only disappointment would be that the scene with Wainfleet cutting off Tsu'tey's queue would still be missing. I don't believe that scene was ever filmed, otherwise I'm positive the scene would've been included as part of the deleted scenes featured on the Collector's Edition. Perhaps it was best that it was ommited, it might've been a little disturbing for some viewers given that the severing of the queue is the equivalent of castration to the Na'vi.
For me, personally, this would be a dream come true, to watch James Cameron's original vision of the film. Perhaps they could release an alternative cut of Avatar to coincide with the second film's release. I don't see it happening, but who knows?