I would like a clone of lolsnaps.com. Pretty much like they set it up... I dont know if this was done ontop of wordpress or from scratch.
The upload area is important to have images video links put in a que so they can be reviewed and approved to go live. i do not want them emailed to me.
Advertising is going to be key. so there needs to be a way to add advertising code to either the template itself or somewhere in the admin to insert it into a ad position. so temp placeholder ads need to be put in place.
Please look at the page source and see that the title will be the image title but it has no description and the keyword on all of them is bla bla... which i think means they were to lazy to add them when approving the image. So in the admin there needs to be a way while approving the image be able to add keywords and descriptions to it.
The rest is pretty standard... facebook like and twitter links also there should be separate rss feeds for video and pics.
if you use wordpress great.. if not php / mysql and looks like ajax for the upload area.