Apart from the more menial small issues that still have to be fixed about the DX9 renderer, I think the todo list is more of a conceptual thing right now 
To add a bit of detail to what toxie said: the one thing we've discussed in depth so far is the new lighting engine, so I guess this will be the first project. There the first big step will be, I think, to get the HDR rendering pipeline set up and use that to make pretty insert lights. After that, GI and maybe an idea for ambient illumination that I had. That should make VP at least as "shiny" as FP, I hope moreso.
After that it's pretty much open. One thing that was mentioned was to have meshes to render gates, spinners and maybe other elements, and later on also to use them for the physics. One thing I want to do, though I'm not sure how well it will work out, was to unify desktop and fullscreen tables so that we don't need two different versions of each table. With everything being done with true meshes instead of bitmaps on new tables, this might actually be very possible.
And what I want to do at some point is to dig deep into the physics engine and see what I find. I have some dream projects here, like simulating the elasticity of the flipper rubber. I have no idea whether any pinball sim does that and whether it even adds any realism, but it might be a fun thing to try.
So you see, loads of fun ahead
If people want to discuss and suggest other stuff, maybe this is a good time to start the VP10 brainstorming thread? Or it might be too early, I don't know.
@StevOz: Changelog is implicit in the commit messages of the version control system, although major changes also get added to the Changelog.txt file.
Edited by mukuste, 18 February 2014 - 02:35 PM.