Here's what I've come up with so far:
That'll all I've been able to come up with so far. Feel free to let me know if there's anything else you'd like added in and I can see about incorporating that into Colonels Paint.
Saving as more formats such as .jpg, .png, and .bmp
Polygons and Archs
Time Machine access
Fonts, text sizes, and alignments
Possible, but not definate: Colonels Paint 2.0 for Win32
Possibly might be Intel only
I already have 2.0a1 running stable on Leopard. I haven't added any of the new features yet, but that's my next step.