Based off of the wording, that's how I thought the Magic Armor worked when I got it. I was a little disappointed when I found out how it actually functioned.
Gamepad support's a good start as far as improving the experience - the gamepad did a lot for Wind Waker HD, and I have no doubt that having inventory and map access without pausing the game will be a nice addition to Twilight Princess. I'd like to see some buttons for quick transforming and warping as well. Between those additions, the game should handle quite well. Outside of control changes, I'd love to see some other elements of the game get smaller tweaks. Buff the Magic Armor, and smooth out the Tears of Light a little bit. I enjoyed that sequence personally, but you could shave off a couple of bugs from each area and make that experience a bit nicer for everyone without losing anything. Hero Mode is something I'd really like to see - the general atmosphere of the game calls for a more challenging world than what the base game provides. I suppose the remaster could also address the issue with no item for changing between day/night and how late into the game the horse whistle is given - fixing that up would be nice.
Any other improvements that I want tend to be more crazy dreams than actual changes that we could see implemented. I'd like it if the group at Telma's Bar got some additional side quests, I liked that group but we never really got enough of any individual character from it. The game's side content in general could use some fleshing out - more mini games and shops would go a long way towards fixing that, but any addition in that department would be great.