I think I just saw what I consider the closest competitor to the Peanut Plug.
The Aeotec Smart Switch 6.
Seems comparable in size and base capabilities.
Major differences appear to be the addition of a USB charging port and the color led ring.
Of course there is no idea on pricing.
Based on it, I could see a Peanut Plug v2 with:
RGB LED(s) either in a ring or maybe directed backwards for a half effect.
Controllable as an RGB LED set also. So it is only limited by user imagination, not just power usage.
USB port is interesting... But I would prefer it skip to the new USB 3.1 Type C port (or 2)... Maybe including an adapter... But the 3.1 standard alone allows for more power.
One button. The current 2 are easy to understand but one would be cleaner.
Maintaining the ability to use both outlets.
Make the wall plug side able to be rotated to put the majority of the housing to one side or another so that 2 plugs could be installed on a single duplex outlet or more convenient on a surge protector.
Integrated, if limited, surge protection.