What many people are describing is a feature list for the front-end to the exchange, more like what a brokerage would provide.
I would love to see exchange server software that exposes an API only. The server would provide live data over Secure WebSockets with a nice fall back (AJAX, JSONP). Any exchange operation could be performed over the API - Buy, Sell, Short, Cover, account, order book, trades. You could require users to authenticate over OAuth or something like it so that API calls can be traced to an account.
Be sure to publish thorough API Documentation - as in this:
http://dev.twitter.com/docThat way, whoever is implementing the exchange has the core software written for them, and they simply create the interface software on the front end. They could limit the interface with the server API to a web-based front end or expose it to the public for app creation, etc.