Ask HN: What would a viable eBay competitor look like?

For years I've entertained the dream of creating an auction service that may one day compete effectively with eBay. I have a concept that eliminates the need for "reputation", eliminates PayPal as the primary payment option, provides secure escrow service for both buyers and sellers, send email alerts when items are listed with your keywords or in your elected categories, etc. ... but these are just MY primary ideas, and I'm interested in hearing what other people might like to see in such a venture.

What features would YOU like to see in an eBay competitor?