I just recently started using downloads with 4.1, have had it on IPS 3 for a while. There are a few things that I think would make it a little more robust:

1. Allow screenshot edits without adding a new file version.
2. Ability to completely shut off file versioning and go back and remove per record in edit mode.
3. Ability to remove moderator group from file approvals, have a permission setting.
4. Ability to change default "no screenshot uploaded" image in settings and add multiple default screenshots per file type; .pdf, .word, image, etc.
5. Edit details should have the file(s), screenshots, links and all content associated with the upload. To change the file, add links to files, screenshots, you currently have to add a new version.
6. Quick edit title like tags. (may be coming in a later version, not sure)
7. Option to not show version number in file title.
8. Incorporate something like http://viewerjs.org/ for file viewing within page in a small window.

Just some ideas. 

A few more suggestions..

1. As admin or moderator, view what files are tagged to the downloads page. Maybe an admin panel.
2. Have a better way to sort through all the downloads without having to go into each page on the site.
3. Bring tools from version 3 like Fix Broken Files, Thumbnails, and Screenshots, Topic Checker, Fix Orphaned Files.

To expand on #3 in the second post, you can check off files to move or delete so more info on that page and to sort by how many files the downloads have would be good. There is a count of downloads, but would be nice to show something like...."contains # files".

All of this please.. robust tools would be awesome!!!