I'd love for the graphics to be improved, personally. Although I don't expect it to happen anytime soon since the entire interface is laid out as a 2d program (IMO).

I've used several other "parametric" CAD packages that have CAM integrated, such as pro/e or gibbs, (or just straight parametric CAM) but they always disappoint me with the features they have or the level of control they offer. I've used surfcam quite a bit, which probably has more control compared to mastercam, but it's useless options in my opinion. I admit though I'm the type of guy that would love using a simple autocad version if it had CAM abilities

For the record my process is usually to draw the part using my parametric CAD of choice (Inventor) then import it to mastercam. I wish there were a viable solution for my particular case but I've tried the InventorCAM plugins and I find them to be laughable. Solidworks seems to have a larger add-on market including camworks, which I have demoed in the past, but even though it was better in some ways it was hindering in others.

I don't think there's a quick easy solution to anything, and I very much don't believe there is one superior program no matter what you're talking about (cad, cam, fea, whatever). If there were, it would obviously be CATIA or pro/e since offering integrated solutions was the entire reason why those two programs begun. But they suck at it.
IMHO anyway....