Anonymous/unregistered frontend submissions would make K2 useful for many more applications.
The K2 registration system should have, at a minimum, to option to turn off and rename the extra fields, if not define your own. With Joomla 1.6 looming however, this all seems very unnecessary. The only real advance would be to create a lazy registration system and/or a good multi-option facebook, gmail, openid, yahoo, ... registration/login system.