Here are some suggestions I've come across while browsing.

1) Create "pages" for forum topics. That way we doing have to scroll through 40 posts just to respond, and it's easier navigation
2) Ability to quote people
3) Emoticons! Can't EVER have a forum without some.

Also a way to see "Online Members" Or "Members Online"

Like most forums do :D

1 He said pagination is already on his list.
2 quoting would be good (or even just doing a twitter type @)
3 emoticons can be pretty annoying. i say leave them off.
- online would be cool.. but would be even better with a PM system and/or chat in place as well

I've never seen a forum with out emoticons.

Emoticons are only annoying if people spam them. I've seen forums that have a emoticon limit in posts (like it will only make 3 of them and the rest turn into the text versions; example :) ;D :| )